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. C-99-7952. 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 firstname.lastname@example.org.
SOURCE Gold Bennett & Cera LLP