Shareholder Class Action Filed Against GlaxoSmithKline plc by the Law

RADNOR, Pa., April 15 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of GlaxoSmithKline plc ("GSK" or the "Company") between February 21, 2001 and August 5, 2004, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges GSK and Jean-Pierre Garnier with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that GSK misrepresented information concerning the safety and efficacy of Paxil in children and adolescents; (2) that by withholding negative information about the drug, GSK was able to hold on to its patent on Paxil and prevented other manufacturers from marketing a less expensive version of the drug; (3) that as a result the Company's financial results were materially inflated; and (4) that shares of GSK were inflated throughout the Class Period.

On August 5, 2004, The Wall Street Journal published an article entitled "FDA Revisits Issue of Antidepressants for Youths -- New Analysis May Pressure Agency to Set Limit on Use Because of Suicide Risk." The article confirmed that analysis of clinical-trial data shows evidence of a link between antidepressant drugs and suicidal tendencies among young people. On this news shares of GSK fell $0.80 per share or 1.95 percent, on August 5, 2004, to close at $40.18 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.

If you are a member of the class described above, you may, not later than June 13, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at info@sbclasslaw.com