Gold Bennett & Cera LLP Files Class Action Against Abbott Laboratories Alleging Violations of Federal Securities Laws

Dec 07, 1999, 00:00 ET from Gold Bennett & Cera LLP

    SAN FRANCISCO, Dec. 7 /PRNewswire/ -- The following is being issued by
 Gold Bennett & Cera LLP:
     Gold Bennett & Cera LLP has filed a class action lawsuit for violations of
 the federal securities laws in the United States District Court for the
 Northern District of Illinois against Abbott Laboratories (NYSE:   ABT) and its
 two highest officers, on behalf of all persons who purchased Abbott common
 stock between March 17, 1999 and September 29, 1999, inclusive, Case No.
     Plaintiff is represented by the San Francisco law firm of Gold Bennett &
 Cera LLP.  For over 30 years, Gold Bennett & Cera LLP and its predecessors
 have successfully engaged in commercial litigation, including shareholder,
 consumer and antitrust class actions, in federal and state courts throughout
 the United States, recovering hundreds of millions of dollars for its clients.
     The Complaint charges that Abbott and two of its highest officers violated
 Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.  The
 Complaint alleges that defendants misled investors by concealing important
 information about an FDA audit of its diagnostic devices manufacturing
 facility.  According to the Complaint, the deficiencies discovered in this
 audit led the government to file a civil suit against Abbott, which settled
 when Abbott paid a $100 million fine and discontinued production of many
 diagnostic products.
     The Complaint alleges that all defendants were fully aware of the
 deficiencies enumerated by the FDA audit because they received a detailed
 letter from the FDA on March 17, 1999.  The Complaint further alleges that one
 defendant utilized his inside information regarding the artificial inflation
 of the Company's stock prices to sell significant amounts of his personal
 Abbott stock holdings.  In addition, the complaint alleges that the artificial
 inflation of the price of Abbott stock permitted the company to pursue two
 stock acquisitions of other companies under favorable terms.
     If you purchased Abbott common stock between March 17, 1999 and September
 29, 1999, you may wish to join the action.  You may move the court to serve as
 a lead plaintiff on or before December 20, 1999, if you so choose.  To serve
 as lead plaintiff, however, you must meet certain legal requirements.  If you
 wish to discuss this action or have any questions concerning this notice or
 your rights or interests, please contact Joseph M. Barton of Gold Bennett &
 Cera LLP, 595 Market Street, Suite 2300, San Francisco, California, 94105, by
 telephone at 800-778-1822 or 415-777-2230, by facsimile at 415-777-5189 or by
 e-mail at

SOURCE Gold Bennett & Cera LLP