NEW YORK, Jan. 28, 2011 (GLOBE NEWSWIRE) -- Harwood Feffer LLP announced that on January 18, 2011 the firm amended its class action complaint against Genzyme Corporation ("Genzyme Corporation" or the "Company") (Nasdaq:GENZ ) and its Board of Directors to include claims of violations under Section 14 and Section 20 of the Securities Exchange Act of 1934.
The consolidated action, entitled In Re Genzyme Corporation Shareholder Litigation, Master Docket No. 1:10-CV-11356, is pending in the United States District Court for the District of Massachusetts and names as defendants, Genzyme, the Company's Chairman and CEO, Henri A. Termeer, and other members of the Company's Board of Directors. A copy of the complaint can be obtained from the Court.
The complaint charges that the defendants breached their fiduciary duties to the Company's shareholders and violated the Securities Exchange Act of 1934. More specifically, the complaint alleges that defendants failed to disclose certain material facts in connection with the proposal to acquire the Company by Sanofi-Aventis, publicly announced on August 29, 2010, and that the 14D-9 defendants filed with the SEC on October 7, 2010 and disseminated to Genzyme shareholders thereafter, wherein the Board recommended shareholders not tender their shares, contained materially misleading information. The complaint also includes claims for breach of fiduciary duty. It is brought on behalf of a class of all Genzyme shareholders except for the named defendants and persons or entities related to or affiliated with the defendants.
If you own Genzyme shares, you may request that the Court appoint you as lead plaintiff by March 21, 2011 (an earlier release incorrectly noted the deadline as April 18, 2011). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Harwood Feffer, or other counsel of your choice, to serve as your counsel in this action.
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Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders. The Harwood Feffer website ( www.hfesq.com ) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following: