Barrack Rodos Issues Update On HI/FN, Inc. Class Action.PHILADELPHIA--(BUSINESS WIRE)--Nov. 17, 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 for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa on behalf of all persons who purchased the common stock of HI/FN, 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 : HIFN) ("HIFN" or the "Company") between July 26, 1999 and October 7, 1999, inclusive (the "Class Period"). The complaint charges HIFN and certain of its Officers and Directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. The complaint alleges that defendants issued materially false or misleading statements regarding its business, prospects and valuation of its stock. Because of the issuance of these false or misleading statements, the price of HIFN common stock was artificially inflated during the Class Period. On October 7, 1999, HIFN selectively leaked information about a major shortfall in its 1stQ F2000 earnings to certain individuals resulting in 3 million shares trading with a decline to $74 in HIFN's share price. After a trading halt Trading Halt A pause in the trading of a particular security on one or more exchanges, usually in anticipation of a news announcement or to correct an order imbalance. During a trading halt, open orders may be cancelled and options may be exercised. , HIFN stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. the market when it revealed that, due to a serious shortfall in shipments to distributors, 1stQ F2000 sales would be much worse than forecast by HIFN. The plaintiff seeks to recover damages on behalf of all purchasers of HIFN 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 10, 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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