Federal Appeals Court Affirms Dismissal of Shareholder Lawsuits Against IVAX Corporation

Business Wire, July 12, 2000

Business Editors

MIAMI--(BUSINESS WIRE)--July 12, 2000

IVAX Corporation (AMEX:IVX) announced today that the United States Court of Appeals for the Eleventh Circuit upheld the permanent dismissal of a number of consolidated shareholder lawsuits against the company.

In consolidated lawsuits styled Malin, et al. v. IVAX Corporation, et al., which were originally filed against IVAX in 1996, the appellate court affirmed the dismissal of all of the shareholders' claims with prejudice (i.e., the claims cannot be filed ever again) because the plaintiffs had "fallen far short" of satisfying the requirements imposed by the Private Securities Litigation Reform Act of 1995.

"We are obviously pleased that the appellate court agreed that the shareholders' complaint failed to state a claim against IVAX," commented Carol J. Gillespie, IVAX' general counsel. "We have maintained all along that there was no basis for these claims, and we are glad that they have finally been put to rest."

The dismissal is the second appellate victory for IVAX in the last year in this type of litigation. Last year, the same Court of Appeals affirmed the dismissal of a different set of shareholder lawsuits styled Harris, et al. v. IVAX Corporation, et al., which were filed against IVAX in 1997.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects, and cause results to differ materially from those set forth in the forward-looking statements. These risks include, among other things, the risk that the shareholder plaintiffs may seek re-hearing of the appellate decision or appeal to the United States Supreme Court. In addition to these factors, the economic, competitive, governmental, technological and other factors identified in IVAX' filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this release.