Centocor, Inc. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

Centocor, Inc. Conclusion: According to the latest docket posted, on December 14, 1999, the Court entered the Order signed by U.S. District Judge Louis C. Bechtle granting the lead plaintiffs’ motion for voluntary dismissal with prejudice pursuant to FRCP 41(a)(2) and 23(e). The consolidated action is dismissed with prejudice and the case closed.

As previously reported by the Company's Form 10-Q for the quarterly period ended June 30, 1999, on June 25, 1998, defendants filed a motion to dismiss the complaint. On December 1, 1998, the Court denied defendants' motion. On December 22, 1998, defendants answered the complaint, denying all liability and raising various affirmative defenses. The Court certified the action as a class action on behalf of all persons who purchased the Company's securities between December 2, 1997 and December 16, 1997. Discovery has been completed. At the conclusion of discovery, plaintiffs' counsel indicated that they would dismiss the action subject to notice to the class and approval by the Court. On August 6, 1999, plaintiffs filed a motion for approval of class notice and to dismiss the action thirty days after notice is given.

The original complaint charges Centocor and its chief executive officer with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. According to the complaint, during the Class Period, defendants disseminated numerous announcements concerning the signing of a European marketing partner for Avakine in the fourth quarter of 1997 and its corresponding positive effect on the financial results of the company. Plaintiff alleges that these public statements were materially false and misleading because they failed to disclose that Centocor was not and would not be able to sign a European marketing partner and receive an up-front payment of approximately $27 million in the fourth quarter of 1997 and would not be able to achieve earnings of 50 cents a share for fiscal 1997.

INDUSTRY CLASSIFICATION:
SIC Code: 2835
Sector: Healthcare
Industry: Biotechnology & Drugs

COMPANY/ISSUER NAME:	Centocor, Inc.
COMPANY/ISSUER TICKER:	CNTO
COMPANY WEBSITE:	http://www.centocor.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Surgener, et al. v. Centocor, Inc., et al.

COURT: E.D. Pennsylvania	DOCKET NUMBER: 98-CV-00260
JUDGE NAME: Hon. Louis C. Bechtle
DATE FILED: 01/16/1998	SOURCE: Other
CLASS PERIOD START: 12/02/1997	CLASS PERIOD END: 12/16/1997
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Abbey Gardy & Squiteri LLP 595 Market Street, Suite 2500, San Francisco, CA, 94105 (voice) 415.538.3725, (fax) , Bernard M. Gross 1500 Walnut Street, Suite 600, Philadelphia, PA, 19102 (voice) 215.561.3600, (fax) 215.561.3000, bmgross@BernardMGross.com Savett Frutkin Podell & Ryan, P.C. , Philadelphia, PA, (voice) 800.993.3233, (fax) , sfprpc@op.net _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT

Type:		Date on the document:

REFERENCE COMPLAINT

In Re: Centocor, Inc. Securities Litigation

COURT: E.D. Pennsylvania	DOCKET NUMBER: 98-CV-00260
JUDGE NAME: Hon. Louis C. Bechtle
DATE FILED: 06/02/1998	SOURCE: Business Wires
CLASS PERIOD START: 12/02/1997	CLASS PERIOD END: 12/16/1997
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abbey Gardy & Squiteri LLP 595 Market Street, Suite 2500, San Francisco, CA, 94105 (voice) 415.538.3725, (fax) , Abbey Gardy, LLP 212 East 39th Street, New York, NY, 10016 (voice) 212.889.3700, (fax) , info@abbeygardy.com Bernard M. Gross 1500 Walnut Street, Suite 600, Philadelphia, PA, 19102 (voice) 215.561.3600, (fax) 215.561.3000, bmgross@BernardMGross.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE REFERENCE COMPLAINT
Memorandum and Order Denying Motion to Dismiss
Type: Order		Date on the document: 12/01/1998
Docket
Type: Docket		Date on the document: 02/22/1999
U.S. District Court Civil Docket
Type: Docket		Date on the document: 12/13/1999

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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