The complaint alleges that during the Class Period, defendants made misrepresentations and nondisclosures of material fact to the investing public concerning TKT’s prospects for FDA approval of TKT’s Replagal enzyme therapy for the treatment of Fabry disease. In fact, as the Complaint alleges, defendants knew by virtue of their ongoing communications with the FDA of adverse facts concerning the FDA’s consideration of TKT"s application that were inconsistent with TKT’s positive representations.

More specifically, according to testimony at the January 14, 2003 FDA Advisory Committee hearing, in a letter dated December 22, 2000, the FDA had advised TKT that "the clinical study data [from the Phase II studies] had not provided substantial evidence of efficiency and fully detailed the facts leading to that conclusion. [The FDA’s Center for Biologics Evaluation and Research] recommended that additional clinical studies be conducted."

The true facts were all finally revealed after the January 14, 2003 FDA Advisory Committee meeting. On January 15, 2003, TKT closed at $6.49, more than 85% below its Class Period high.

Defendants were motivated to make the materially false and misleading statements during the Class Period, among other things, so that TKT could sell $267 million in common stock in secondary public offerings and defendant Richard F. Selden, TKT’s President and CEO,could sell 90,000 shares of his personal holdings of TKT common stock during the Class Period for total consideration of $2,800,000.

Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than March 25, 2003.