SAN FRANCISCO, March 3 /PRNewswire/ -- Gold Bennett Cera & Sidener LLP
announced today that it had filed a class action in the United States District
Court for the Northern District of California on behalf of purchasers of
VISX, Inc. ("VISX") (Nasdaq: VISX) common stock during the period between
March 1, 1999 and February 22, 2000 (the "Class Period"), Case Number
C-00-20240-PVT. Plaintiffs seek to recover damages on behalf of all
purchasers of VISX common stock during the Class Period (the "Class").
The plaintiffs are represented by the San Francisco law firm of Gold
Bennett Cera & Sidener LLP. For over 30 years, Gold Bennett Cera & Sidener
LLP and its predecessors have successfully engaged in complex 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 VISX and certain of its officers and directors
(Mark B. Logan, Elizabeth Davila, James W. McCollum, David M. Patino,
Timothy R. Maier and Kina Lamblin) with violations of the Securities Exchange
Act of 1934. The complaint alleges that defendants' false and misleading
statements artificially inflated the price of VISX stock to a Class Period
high of $103-7/8 from just $30-1/4 per share (split adjusted) at the outset of
the Class Period. This upsurge in VISX's stock enabled VISX insiders to sell
1.4 million shares of their VISX stock for $97 million in proceeds.
Specifically, the Complaint alleges that defendants issued false and
misleading statements about the steady and increasing revenues the installed
base of VISX's Excimer Laser systems would provide VISX, the strong procedure
and equipment royalties VISX was earning, the limited impact of competition
which would lead to consistent revenue growth and allow VISX to maintain its
$250 per procedure licensing fee in the United States, and VISX's continued
market share domination which would result in 2000 EPS of $1.70-1.80.
On December 10, 1999, VISX received an adverse ruling from the
International Trade Commission that competitor Nidek had not infringed on
VISX's patents, and its stock retreated to the $58-$60 range. This cast doubt
on VISX's competitive position and the ability to maintain its prices.
However, VISX continued to represent that the $250 per procedure fee was in
tact. Then, on January 19, 2000, VISX revealed a drop in 4thQ99 revenues
versus the 3rdQ99 and exposed the problems VISX was having growing its
business. On these disclosures, VISX's stock fell by 29% in one day to
$32-1/4. However, it was not until February 22, 2000, that VISX admitted it
would reduce its per procedure fee to $100. This announcement caused its stock
price to drop to as low as $16 on huge volume on February 23, 2000.
If you are a member of the Class described above, you may, no later than
April 25, 2000, move the Court to serve as lead plaintiff of the Class, if you
so choose. In order 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 case or your rights or interests, please contact
Joseph M. Barton, Esq. of Gold Bennett Cera & Sidener 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 & Sidener LLP