Schatz and Nobel PC Announces Class Action Lawsuit Against OSI Pharmaceuticals Inc

The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the Eastern District of New York on behalf of all persons who purchased the publicly traded securities of OSI Pharmaceuticals, Inc. (Nasdaq: OSIP) ("OSI") between April 26, 2004 and November 18, 2004 (the "Class Period"), including all persons who acquired shares in OSI's equity offering priced on November 10,
2004.

The complaint alleges that throughout the Class Period, OSI violated federal securities laws by issuing false and misleading statements concerning the survival benefits of OSI's cancer treatment drug Tarceva and false and misleading statements about the size of Tarceva's potential market. On April 26, 2004, OSI announced that Tarceva had met its primary end-points and that the it would be seeking FDA approval for Tarceva based upon its findings in
its clinical trials. OSI stated that the study showed that patients who took Tarceva lived on average two months longer than patients who took a placebo. On this news, OSI stock increased $52.96 per share, rising from a close of $38.14 on April 23, 2004, to close at $91.10 per share on the next trading day.

On November 17, 2004, OSI completed an equity offering for $445 million in proceeds. The very next day, OSI announced that the FDA had approved Tarceva for use in the treatment of patients with advanced lung cancer. However the market also learned about severe limitations on the number of patients who could use Tarceva to obtain the survival benefits of the drug. On this disclosure, OSI Pharmaceuticals' stock price fell from a close of $64.25 on
November 18, 2004, to close at $58.16 per share on November 19, 2004.

If you are a member of the class, you may, no later than February 14, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).

For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com. To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net.

CONTACT:
Wayne T. Boulton
Tel.: (800) 797-5499
Website: http://www.snlaw.net
e-mail: sn06106@aol.com