A lawsuit involving a Bermuda company was launched in the United States District Court for the Southern District of New York, this week by New York law firm Stull, Stull & Brody.

The suit was filed on behalf of all purchasers of the common stock of DOV Pharmaceutical, Inc. (DOV ) between April 25, 2002 and April 29, 2002, inclusive (the Class Period)

The suit is against defendants DOV Pharmaceutical, Inc., certain of its officers and directors, and the lead underwriters of DOV's IPO.

A statement released by the law firm says the complaint asserts claims under Sections 11 and 12 of the Securities Act of 1933 which stem from the issuance of allegedly misleading financial statements contained in DOV's IPO-related Registration Statement and Prospectus that understated expenses arising from a joint venture in Bermuda (DOV Bermuda Ltd.).

The complaint alleges that DOV issued five million shares in its IPO on April 25, 2002 at $13 per share, but failed in a timely fashion to inform the Class of the revision in its financial results.

Consequently, as the complaint alleges, DOV investors experienced a two-fold surprise on April 25, 2002 when DOV shares began public trading and investors discovered that DOV's previously-issued financial statements had been misleading and secondly, investors witnessed DOV shares lose approximately 33 percent of their value in one day, falling from their offering price of $13.00 to close trading at $8.70 per share.

The law firm is advising that anyone who purchased DOV common stock between April 25, 2002 and April 29, 2002, inclusive, may, no later than 60 days from April 30, 2002, request the Court appoint a lead plaintiff.

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." An ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.

Affected persons may retain Stull, Stull & Brody, or other counsel of their choice, to serve as counsel in this action, said the law firm.