Barrack, Rodos & Bacine files suit against Employee Solutions Inc. and certain officers and directors alleging material misstatements and false financial statements.PHILADELPHIA--(BUSINESS WIRE)--April 2, 1997--A class action has been commenced in the United States District Court for the District of Arizona The United States District Court for the District of Arizona is the Federal district court whose jurisdiction is the state of Arizona.The United States Attorney's Office for the District of Arizona represents the United States in civil and criminal litigation in this court. by plaintiffs Ronald and Sharon Gabaldon on behalf of purchasers of Employee Solutions Inc. ("Employee Solutions") common stock during the period Nov. 14, 1995 through March 14, 1997 ("Class Period"). Plaintiffs allege To state, recite, assert, or charge the existence of particular facts in a Pleading or an indictment; to make an allegation. allege v. that Employee Solutions' management in violation of Section 10(b) of the Securities Exchange Act of 1934 manipulated Employee Solutions' reserves in order to report continued earnings growth throughout the Class Period. By materially understating its reserves the company was able to show substantial growth in earnings throughout 1995 and 1996, and defendants were able to cause Employee Solutions stock to jump from $4-1/2 per share on Nov. 14, 1995 to as high as $28-3/8 per share in February 1997. The complaint alleges that certain Employee Solutions senior executives and their family members then took advantage of the inflated price of Employee Solutions stock by selling millions of shares of the company's stock. When news regarding the company's accounting improprieties and illegal insider trading was made public, the company's stock price fell 80% from its February 1997 high to less than $6 per share on March 14, 1997. The plaintiffs seek to recover damages on behalf of all purchasers of Employee Solutions during the Class Period. They are represented by Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Rodos & Bacine and Bonnet bonnet usually worn along with new clothes on Easter Sunday. (“Oh, I could write a sonnet about your Easter bonnet.”) [Christian Tradition: Misc.; Am. Music: Irving Berlin, “Easter Parade”] See : Easter , Fairbourn, Friedman & Balint, P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. ., who have extensive experience and expertise in prosecuting investor class actions. Barrack, Rodos & Bacine has prosecuted securities, antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. and consumer class actions for over 20 years from offices in Philadelphia, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , 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 and New Jersey. The Barrack Rodos firm is nationally recognized, having been designated lead counsel by federal and state courts across the country in large, complex cases and recovering hundreds of millions of dollars for class members. Most significantly, Barrack Rodos is acknowledged as an outstanding trial firm, having most recently won a multi-million dollar verdict in Gutierrez v. Givens, a consumer class action, tried by the firm on behalf of 29,000 California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). residents. If you are a member of the Class described above, you may, no later than May 16, 1997, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact the Shareholder Relations Manager at Barrack, Rodos & Bacine at 800/417-7305 or 215/963-0600. CONTACT: Barrack, Rodos & Bacine 800/417-7305 or 215/963-0600 fax: 888/417-7306 or 215/963-0838 |
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