Berger & Montague, P.C. Files Class Action Lawsuit Against JDN Realty Corp.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--March 3, 2000 Berger & Montague, P.C. (http://home.bm.net) announced that on February 16, 2000, it filed a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax for violations of the federal securities laws in the United States District Court for the Northern District of Georgia The U.S. District Court for the Northern District of Georgia serves the residents of forty-six counties. These are divided up into four districts. The Atlanta district includes: Cherokee, Clayton, Cobb, Internet Coffe Phone, Douglas, Fulton, Gwinnett, Henry, Newton, and against JDN JDN Joint Data Network JDN Jackson Daily News (Jackson, MS) Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. ("JDN") (NYSE NYSE See: New York Stock Exchange :JDN) and certain of its officers and directors, on behalf of all persons who purchased JDN securities between March 28, 1997, and February 14, 2000, inclusive (the "Class Period"). The Complaint alleges that JDN and certain of its directors and officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleges that defendants failed to disclose that from 1994 to 1998 certain executives of the Company received $4.9 million in compensation payments in connection with real estate development projects. The Complaint also alleges that defendants issued materially false and misleading financial statements which failed to record the payments as expenses or to identify the related party transactions. On February 14, 2000, the Company revealed publicly for the first time that the previously unreported payments would cause it to default on its main credit line and that the Company's 1999 fourth quarter earnings announcement would be delayed in order 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 earnings for each of the past five years. The Company also announced that its chief executive officer had resigned that post immediately, along with the two executives who had received the compensation. Plaintiff seeks to recover damages on behalf of himself and all persons who bought JDN securities during the Class Period. The law firm of Berger & Montague, P.C., has over 50 attorneys, all of whom represent plaintiffs in complex litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries in excess of two billion dollars to investors. The firm is currently representing or has represented investors as lead counsel in actions against Waste Management, Sunbeam, IKON Office Solutions IKON Office Solutions (NYSE: IKN) is a Fortune 500 company based in Malvern, Pennsylvania. Formerly part of ALCO Standard. IKON integrates copy machines and fax systems to assist businesses. , Boston Chicken and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. . The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. "The quality of lawyering on both sides, but I am going to stress now on the plaintiff side, simply has not been exceeded in any case, and we have had some marvelous counsel appear before us and make superb arguments, but they really don't come any better than Ms. Savett ... plaintiffs counsel were as good as they get." In Re US Bioscience Securities Lit., Civil Action No. 92-0678 (E.D. Pa.) (Settled for $15.25 million) "... you have acted the way lawyers at their best ought to act. And I have had a lot of cases ... in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ... I would say this has been the best representation that I have seen." In Re Waste Management Inc. Securities Litigation, Civil Action No. 97 C 7709 (N.D. Ill.) (Settled for $220 million) If you purchased JDN securities between March 28, 1997 and February 14, 2000, you may move the Court on or before April 14, 2000, to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards. If you have any questions about this notice or the action, or with regard to your rights, please contact: Sherrie R. Savett or Stuart J. Guber at 888/891-2289, 1622 Locust locust, in botany locust, in botany, any species of the genus Robinia, deciduous trees or shrubs of the family Leguminosae (pulse family) native to the United States and Mexico. Street, Philadelphia, PA 19103. If you prefer you can e-mail the firm at InvestorProtect@bm.net with your name, mailing address and telephone number. Sherrie R. Savett, Esquire Stuart J. Guber, Esquire Kimberly A. Walker, Investor Relations Investor relations The process by which the corporation communicates with its investors. Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 215-875-3000 888-891-2289 Fax: 215-875-5715 SOURCE: Berger & Montague, P.C. |
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