Barrack Rodos Update On Suit Against Sirena Apparel Group, Inc. - SIRN AND SIRNQ -.PHILADELPHIA--(BUSINESS WIRE)--July 14, 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 The Sirena Apparel Group, 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 : SIRN and SIRNQ) ("Sirena" or the "Company") between November 12, 1998 and June 7, 1999, inclusive (the "Class Period"). The complaint charges Sirena and principal officers and directors, Newman, Gerhart and Arbetman, with violations of the Securities Exchange Act of 1934. The complaint alleges that beginning in November 1998, defendants made false and misleading statements about Sirena's operations and earnings. More particularly, plaintiff alleges that Sirena filed false financial statements for the 1st, 2nd and 3rd quarters of fiscal 1999. On June 7, 1999, Sirena announced that there were accounting irregularities at the Company and that Sirena would have to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its financial results for the first three quarters of fiscal 1999. The Company announced it would be taking materials charges which would include the writedown of inventory and the writeoff of certain deferred expenses. The Company also announced the termination of defendants Newman and Gerhart, the CEO/Chairman and CFO See Chief Financial Officer. , respectively. As a result of the false public statements and financials, Sirena stock traded as high as $9 during the class period. After the June 7, 1999 announcement, the stock fell to as low as $1.875 per share. Subsequently, Sirena filed a petition for bankruptcy and its stock is being delisted from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . During the Class Period, but before the truth was revealed on June 7, 1999, defendant Arbetman, the President and Vice Chairman, sold 47,000 shares of Sirena stock (90% of his actual stock). The plaintiff seeks to recover damages on behalf of all purchasers of Sirena 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 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. 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 August 9, 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 immediately 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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