American Bank Note Holographics, Inc. Announces Receipt of Consolidated Class Action Complaint.ELMSFORD, N.Y.--(BUSINESS WIRE)--May 17, 1999-- American Bank Note Holographics, Inc. (NYSE NYSE See: New York Stock Exchange :ABH ABH Actual Bodily Harm ABH American Board of Hypnotherapy ABH Anywhere But Here (fan fiction mode) ABH Agentschap voor Buitenlandse Handel ABH Aviation Boatswain's Mate (aircraft handling) ) announced today that all of the class-action lawsuits that were commenced on behalf of purchasers of the common stock of the Company during the stated period from July 15, 1998 through February 1, 1999 were consolidated into a single class action complaint filed in the US District Court for the Southern District of 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 . The consolidated complaint alleges violations of the federal securities laws and names as defendants the Company, certain former officers and directors of the Company, American Banknote Corporation (the Company's prior parent) and other parties. The lawsuit seeks to recover damages on behalf of all purchasers of the Company's common stock during the class period stated in the complaint. The lawsuit relates in general to the Company's previously announced issues concerning restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of its financial statements and related matters. The Company is reviewing the consolidated complaint and intends to respond to the lawsuit in a timely manner. As previously disclosed, the Securities and Exchange Commission has initiated a formal investigation into the Company's previously disclosed issues concerning its financial statements. In addition, the US Attorney for the Southern District of New York is also conducting an inquiry with respect to the same matters. American Bank Note Holographics is a world leader in the origination, production, and marketing of mass-produced secure holograms, based on its significant market share. The Company's holograms are used for security applications, such as counterfeiting counterfeiting, manufacturing spurious coins, paper money, or evidences of governmental obligation (e.g., bonds) in the semblance of the true. There must be sufficient resemblance to the genuine article to deceive a person using ordinary caution. protection for credit and other transaction cards, identification cards and documents of value; as well as for tamper resistance Tamper resistance is resistance to by either the normal users of a product, package, or system or others with physical access to it. There are many reasons for employing tamper-resistance. and authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. of high-value consumer and industrial products. Certain matters in this press release contain forward looking statements that involve risk and uncertainties including, but not limited to, future revenues, earnings prospects and the Company's ability to execute its business plan. Although the Company believes that the expectations are based on reasonable assumptions, it can give no assurance that anticipated results will occur. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion