Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against PharmaNet Development Group, Inc.

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/pharmanet/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges PharmaNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. PharmaNet is a drug development services company that maintains offices and facilities in North America, Europe, South America, Asia, Africa and Australia and has clients in the branded pharmaceutical, biotechnology, generic drug and medical device industries.

The complaint alleges that the representations contained in PharmaNet's press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose that: (i) the Company's backlog contained numerous contracts which were likely to be cancelled; (ii) the Company had ramped up expenses in order to perform contracts even though there was a substantial likelihood that the contracts would be cancelled; (iii) the Company was entering into contracts with highly risky biotechnology and pharmaceutical companies where the risk that the contract would be cancelled was greatly increased; and (iv) given the above factors, defendants lacked a reasonable basis for their positive statements about the Company, its business, backlog and earnings guidance.

According to the complaint, on April 30, 2008, PharmaNet issued a press release announcing its financial results for the first quarter of 2008. For the quarter, the Company reported direct revenue of $86.8 million and backlog of $482.9 million. In response to the announcement, the price of PharmaNet stock dropped from $23.86 per share to $17.10 per share on extremely heavy trading volume.

Plaintiff seeks to recover damages on behalf of all purchasers of PharmaNet common stock during the Class Period (the "Class"). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.

SOURCE: Coughlin Stoia Geller Rudman & Robbins LLP

Coughlin Stoia Geller Rudman & Robbins LLP Samuel H. Rudman, 800-449-4900 David A. Rosenfeld djr@csgrr.com