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Securities Class Action Lawsuit Against GSK Over Paxil
Source: PR Newswire
Published: April 18, 2005
A lawsuit seeking class action status has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of GlaxoSmithKline plc between February 21, 2001 and August 5, 2004 (the "Class Period").
The lawsuit, filed by the law firm of Schatz & Nobel, P.C., alleges that GlaxoSmithKline violated federal securities laws by issuing false or misleading public statements. Specifically, the complaint alleges that GlaxoSmithKline improperly concealed deficiencies with its selective serotonin reuptake inhibitor ("SSRI") drug, Paxil, in treating adolescent depression.
On August 5, 2004, The Wall Street Journal published an article that reported that a new analysis by the FDA had confirmed the link between SSRIs (including Paxil) and suicidal tendencies in young people.
Read Full Story at PR Newswire