Ira M. Press, Esq.
KIRBY McINERNEY & SQUIRE, LLP
830 Third Avenue, 10th Floor
New York, New York 10022
(212) 371-6600
Lionel Z. Glancy, Esq.
Michael Goldberg, Esq.
GLANCY & BINKOW LLP
1801 Avenue of the Stars, Suite 311
Los Angeles, California 90067
(310) 201-9150
Attorneys for Plaintiff
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
MIRA FISCHER, On Behalf of No.
Herself and All Others Similarly
Situated,
CLASS ACTION COMPLAINT
Plaintiff, FOR BREACH OF FIDUCIARY DUTY AND
vs. FOR VIOLATION OF THE FEDERAL
SECURITIES LAWS
JOHN E. GIORDANI, ICN
PHARMACEUTICALS, INC., and MILAN
PANIC, JURY TRIAL DEMANDED
Defendants.
Plaintiff Mira Fischer, by her attorneys, for her Class Action Complaint (the "Complaint")
alleges the following upon personal knowledge as to herself and her own acts and upon information
belief based upon the investigation of plaintiff's attorneys as to all other matters. The
includes the thorough review and analysis of public statements, publicly filed documents of ICN
Pharmaceuticals, Inc. ("ICN" or the "Company"), press releases, news articles and the review and
analysis of accounting rules and related literature. Plaintiff believes that further substantial
support will exist for the allegations set forth below after a reasonable opportunity for discovery.
SUMMARY OF ACTION
SNIPPETS:
JOHN E. GIORDANI, ICN
PHARMACEUTICALS, INC., and MILAN
Plaintiff Mira Fischer, by her attorneys, for her Class Action Complaint
includes the thorough review and analysis of public statements, publicly filed documents of
ICN is a Delaware corporation headquartered in Costa Mesa, California.
business areas: the pharmaceutical business which comprises approximately 93% of the Company's
From the first day of the class period, when ICN issued its Form 10-Q report for the
public announcements that its sales revenue and earnings were exhibiting consistent growth.
This case involves defendants' material omissions and the dissemination of materially
misleading statements concerning the inventory shipment practices, sales and revenues of ICN.
the inventory of its distributors, to a Class Period low of $9.30 per share on July 11, 2002,
The claims asserted arise under §§10and 20of the Securities
Exchange Act of 1934.
principal financial and accounting officer of the Company.
Because of the Individual Defendants' positions with the Company,
Each of the above officers of ICN, by virtue of their highlevel positions with the Company,
and were aware of their materially false and misleading nature.
ICN's securities at artificially inflated prices; and permitted ICN to grow and benefit
Milan Panic, Chairman and Chief Executive Officer commented, "While the delay in the launch
Operating income for the first nine months of the year was $112 million compared to $165
North America 2001 third quarter revenues increased to $39 million from $25 million in the
Operating loss for the period was $1.5 million compared to $1 million last year.
Western Europe sales for the first nine months were $150 million compared to $137 million
dissemination of such statements or documents as primary violations of the federal securities
Plaintiff repeats and realleges each and every allegation contained above as if fully set
Made untrue statements of material facts or omitted to state material facts necessary
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