On or around 08/17/2000 (Other)
Filing Date: July 03, 1996
On July 6, 2000 the Eleventh Circuit Court affirmed the dismissal of the complaint. Previously, on July 1, 1999, the District Court granted defendant's motion to dismiss the action without prejudice, and soon after, the plaintiffs filed an appeal. The complaint included several consolidated actions and was amended twice.
The original Complaint charges that the Company and certain of its officers and directors violated the federal securities laws by, inter alia, issuing a series of materially false and misleading public statements concerning IVAX' financial results for fiscal 1995 and first quarter of 1996. The complaint generally alleges that IVAX made untrue statements of material fact and omitted to state material facts necessary to make statements made not misleading in its public disclosure documents and in communications to the public regarding its operations and financial results and that its financial statements were not prepared in accordance with generally accepted accounting principles. These allegations are centered around allegations that IVAX failed to disclose that product sales were subject to shelf stock adjustments and failed to establish reserves for such adjustments.
Company & Securities Information
Defendant: Ivax Corporation
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: IVX
Company Market: American SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.