Barrack Rodos Issues Update On Bergen Brunswig Corp. 'BBC' Class Action.PHILADELPHIA--(BUSINESS WIRE)--Nov. 11, 1999-- Counsel for Class Plaintiff, 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, today issued the following: 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 persons who purchased the common stock of Bergen Brunswig Corp. (NYSE NYSE See: New York Stock Exchange :BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. ) ("Bergen" or the "Company"), between March 16, 1999 and October 14, 1999, inclusive (the "Class Period"). The complaint charges Bergen and certain of its officers with violations of federal securities laws. Among other things, plaintiff claims that the defendants caused material omissions and the dissemination dissemination Medtalk The spread of a pernicious process–eg, CA, acute infection Oncology Metastasis, see there of materially false and misleading statements regarding the acquisition of Stadtlander Drug Co., Inc. ("Stadtlander"), formerly a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Counsel Corp., and the acquisition of PharMerica, Inc. On October 14, 1999, Bergen announced it would not meet analysts' consensus estimates for its fourth quarter and fiscal year ended Sept. 30, 1999, blaming the shortfall on "(l)ower than expected results at Stadtlander." That same day, Bloomberg, Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance and other news services reported the stunning news that Bergen had filed a lawsuit against Counsel Corp., claiming that Counsel Corp. had "fraudulently induced" the Company into paying an "inflated purchase price" for Stadtlander by "grossly overstat(ing) the specialty-drug unit's earnings and net income during periods when it actually had little or no income." On this news, the price of Bergen common stock, which had attained a Class Period high of $25-9/16 on March 17, 1999, and which had been trading in the range of $10 to $11 per share in the weeks preceding this news, fell precipitously pre·cip·i·tous adj. 1. Resembling a precipice; extremely steep. See Synonyms at steep1. 2. Having several precipices: a precipitous bluff. 3. , closing at $7-9/16 per share on October 15, 1999. Further, on October 19, 1999, upon the market's more fully absorbing the news, it closed at $6-3/4. This drop caused severe damages to plaintiff and the Class. The plaintiff seeks to recover damages on behalf of all purchasers of BBC common stock during the Class Period. He is represented by the law firm of Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for over 20 years. The firm has 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 , Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. For more information about Barrack, Rodos & Bacine, please visit their website at www.barrack.com. If you are a member of the Class described above, you may, no later than December 20, 1999, 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: Maxine S. Goldman, Shareholder Relations Manager Barrack, Rodos & Bacine, Counsel for Class Plaintiff 3300 Two Commerce Square 2001 Market Street Philadelphia, PA 19103 800/417-7305 or 215/963-0600 fax number 888/417-7306 or 215/963-0838 e-mail at msgoldman@barrack.com |
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