Abbey, Gardy & Squitieri, LLP Announces Class Action Against Osicom Technologies Inc.The following was announced today by Abbey, Gardy & Squitieri, LLP LLP - Lower Layer Protocol : NEW YORK--(BUSINESS WIRE)--April 22, 1999-- You are Hereby Notified that a Class Action has been commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California on behalf of all purchasers of Osicom Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FIBR FIBR Forward Indicator Bit Received ) securities between July 2, 1998 and April 21, 1999, inclusive. The Complaint charges Osicom and certain of its officers and directors with violations of the federal securities laws. Among other things, plaintiff claims that defendants issued materially false and misleading statements regarding Osicom's exclusive agreement to supply wireless personal digital assistant or "PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). " products to a customer in Japan. In its July 1, 1998 press release, Osicom Technologies estimated the value of that PDA agreement at approximately $90 million. Osicom Technologies shares soared 20 percent the next day in reaction to the news. By April 21, 1999, Osicom Technologies Chief Executive admitted that the PDA agreement was for just $175,000 in engineering work. In reaction to the stunning admission, Osicom Technologies shares plunged as much as 49 percent, inflicting enormous damage on investors. Plaintiff seeks to recover monetary damages on behalf of himself and all other purchasers of Osicom Technologies securities between July 2, 1998 and April 21, 1999, excluding the defendants and their affiliates. Plaintiff is represented by Abbey, Gardy & Squitieri, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. If you are a member of the class described above, you may, not later than 60 days from today, move the court to serve as a lead plaintiff of the class, if you so choose. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice, please contact: Mark C. Gardy, Esq. James S. Notis, Esq. Abbey, Gardy & Squitieri, LLP 212 East 39th Street New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10016 TELEPHONE: (800) 889-3701 or (212) 889-3700 FAX: (212) 684-5191 E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : jnotis@a-g-s.com or James Jay Seirmarco, Esq. Abbey, Gardy & Squitieri, LLP 595 Market Street, Suite 2500 San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] 94105 TELEPHONE: (415) 538-3725 FAX: (415) 538-3775 E-MAIL: jseirmarco@a-g-s.com |
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