Milberg Weiss Announces Class Action Against Schein Pharmaceutical

Strategic Insights -

Milberg Weiss Bershad Hynes & Lerach LLP, a prominent law firm specializing in class actions, announced a lawsuit against Schein Pharmaceutical, Inc. alleging violations of the Securities Act of 1933. The complaint, filed on September 14, 1998, in the United States District Court for the District of New Jersey, seeks damages on behalf of all persons who purchased Schein common stock during the class period. The lawsuit claims that Schein, its officers, and the underwriters of the initial public offering (IPO) misrepresented the company's compliance with government regulations concerning the manufacture and distribution of its drug products.

Key Takeaways:

  • The class action lawsuit was filed on September 14, 1998, in the United States District Court for the District of New Jersey on behalf of all persons who purchased Schein Pharmaceutical, Inc. common stock during the class period.
  • The complaint alleges that Schein, its officers, and the underwriters of the initial public offering (IPO) violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933.
  • The plaintiff seeks to recover damages on behalf of all class members, represented by the law firm Milberg Weiss Bershad Hynes & Lerach LLP, which has significant experience and expertise prosecuting class actions.
  • Milberg Weiss has a history of leading numerous important actions on behalf of defrauded investors, resulting in outstanding recoveries totaling approximately $2 billion.
  • The law firm maintains offices in New York City, San Diego, Los Angeles, and San Francisco and is active in major litigations pending in federal and state courts throughout the United States.
  • Class members have 60 days from September 14, 1998, to move the Court to serve as lead plaintiff.

Statistics:

  • The lawsuit was filed on September 14, 1998, in the United States District Court for the District of New Jersey.
  • The class period spans from the initial public offering (IPO) on April 9, 1998, to an unspecified date.
  • The law firm, Milberg Weiss Bershad Hynes & Lerach LLP, has recovered approximately $2 billion in outstanding damages for defrauded investors.
  • The law firm has offices in four major cities: New York City, San Diego, Los Angeles, and San Francisco.
  • The class action lawsuit alleges violations of Section 11, 12(a)(2), and 15 of the Securities Act of 1933.

Sources:

  • PRNewswire, "Milberg Weiss Announces Class Action Against Schein Pharmaceutical, Inc.," September 28, 1998.
  • Milberg Weiss Bershad Hynes & Lerach LLP, "Notice of Class Action Lawsuit," September 14, 1998.
  • Milberg Weiss Bershad Hynes & Lerach LLP, "Shareholder Relations Dept. Contact Information," September 14, 1998.