Several class actions have been filed against human genome mining company deCODE genetics, Inc. (Nasdaq:DCGN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and August 26, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.

The lawsuits allege that during the applicable period, the defendants caused deCODE’s shares to trade at artificially inflated levels through the issuance of false and misleading statements, including its concealment of continuing internal control problems. As a result of this inflation, deCODE was able to complete a public offering of $150 million worth of convertible notes in April 2004, raising net proceeds of $144 million. On August 26, 2004, deCODE filed its Form 8-K with the SEC in which it disclosed the resignation of its outside accountant, and disclosed a “reportable condition” with respect to its closing procedures. On this news, deCODE’s stock collapsed to $5.70 per share, 58% below the class period high of $13.80 per share.

If you purchased securities issued by deCode Genetics during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by November 1, 2004. 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 your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve you in this action, or you may choose to do nothing, and remain in the class as a silent member.