Schoengold & Sporn Has Commenced a Class Action Lawsuit Against King Pharmaceuticals, Inc

NEW YORK, NY, March 21, 2003 /PR NEWSWIRE/ Ð Schoengold & Sporn, P.C. (www.spornlaw.com) announced that a class action lawsuit against King Pharmaceuticals, Inc. ("King" or the "Company") (NYSE: KG) and certain of its key officers and directors and underwriters of its November 2001 offering of 20,500,000 shares of King stock at $38.00 per share (the "November 2001 Offering") in the United States District Court for the Eastern District of Tennessee, Northeastern Division on behalf of all purchasers of King securities during the period between February 16, 2000 and March 10, 2003 (the "Class Period") or pursuant or traceable to the November 2001 Offering. If you purchased King securities during the Class Period or pursuant or traceable to the November 2001 Offering and would like to pursue securities claims against the Company, you may visit our website at www.spornlaw.com or contact the attorneys at Schoengold & Sporn, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires on May 12, 2003.

The complaint charges defendants with violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 promulgated thereunder. It is alleged that King shares traded at artificially inflated prices during the Class Period due to defendant's issuance of false and misleading financial statements and press releases concerning the Company's financial condition and prospects. While the stock was inflated, the Company completed two secondary stock offerings, including the November 2001 Offering, raising more than $900 million in proceeds. The Registration Statements and Prospectuses issued pursuant to these offerings contained the Company's false financial statements. As alleged in the complaint, the Company failed to disclose material information necessary to make its prior statements not misleading, including that certain of its rebate and pricing practices subjected it to heightened governmental scrutiny and that King had engaged in questionable sales to VitaRx and Prison Health Services during 1999 and 2000.

On March 11, 2003, the Company shocked the investing market when it revealed it was subject to an SEC investigation for, among other things, rebates to distributors in prior years. In response to this announcement, the Company's stock price declined to as low as $11.60 before closing at $12.17 on high volume, a decline of 73% from the Class Period high of $46.05. A copy of the complaint filed in this action can be viewed on Schoengold & Sporn's website at: www.spornlaw.com. If you purchased King securities during the Class Period or pursuant or traceable to the November 2001 Offering and either sold those securities at a loss or still hold them, you are eligible to join this action to pursue your claims and request that the Court appoint you as a lead plaintiff. To do so, please visit our website at www.spornlaw.com or contact Schoengold & Sporn, toll free at 866-348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, you must do so before May 12, 2003. Schoengold & Sporn was established in 1962 and has specialized in securities fraud litigation for over 40 years. The firm was credited by the Wall Street Journal for its work in the Wedtech Securities case, which was settled for $77.4 million, as follows:

"$77.5 million settlement . . . reached in a securities fraud case stemming from the Wedtech scandal . . . The settlement with 29 defendants . . . is believed to be one of the largest ever in a civil . . . case. . . 'This is a global settlement,' said Samuel Sporn, a plaintiff's attorney . . . . Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986."

If you would like to further discuss your rights or receive more information, you may call collect or otherwise contact the undersigned, who will be pleased to assist:

CONTACT:
Jay P. Saltzman, Esq.
Ashley Kim, Esq.
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
Toll Free: (866) 348-7700
E-Mail: shareholderrelations@spornlaw.com
Website: www.spornlaw.com

SOURCE: Schoengold & Sporn, P.C.

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