Berman DeValerio & Pease LLP Announces Class Action Lawsuit.Business/Legal Editors BOSTON--(BUSINESS WIRE)--Sept. 8, 2000 Shareholders Accuse Companies Of Securities Fraud, Says Berman DeValerio & Pease LLP LLP - Lower Layer Protocol Berman, DeValerio & Pease LLP, a law firm that has represented wronged investors for nearly two decades, announced today that it is pursuing securities fraud class actions against Acrodyne Communications, Inc., TenFold Corporation, DT Industries, Inc., Mercator Software, Inc. and Thomas & Betts Corp. If you purchased stock in any of these companies, you may be a member of the class and have until the dates specified below to move the court to become lead plaintiff. You may contact Berman, DeValerio & Pease to learn more about your rights and interests in these cases and your ability to potentially recoup your losses, or you may hire counsel of your own choice. ACRODYNE COMMUNICATIONS, 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 : ACRO acro Acronym ACRO Australian Creative Resources Online ACRO Association of Clinical Research Organizations ACRO American College of Radiation Oncology ACRO Aircraft Crashes Record Office (Geneva, Switzerland) acro acrolein ) Acrodyne is charged with issuing false and misleading financial statements that may require the company to restate its 1999 and first quarter 2000 financial statements and that it has engaged an outside auditor to review its financial statements. Investors who purchased Acrodyne securities between May 18, 1999 and August 14, 2000 may be part of the action. The lead plaintiff motion is required to be filed no later than October 16, 2000. TENFOLD CORPORATION (NASDAQ: TENF) TenFold is charged with failing to properly account for known problems with large customer orders. Right before Barron's published an article questioning the company's problems with many of its customers, TenFold's officers sold more than $26 million of their common stock. The complaint says the company recently acknowledged that it had overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o revenues and understated allowances for doubtful accounts. If you purchased TenFold stock between January 31, 2000 and August 14, 2000 you may be part of the class. Motions for lead plaintiff must be filed by October 16, 2000. DT INDUSTRIES, INC. (NASDAQ: DTII) On August 23, DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. disclosed that its independent auditors needed more time to continue their investigation into overstatements of some asset accounts at Kalish, Inc., 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 DTI. The company also said the "discrepancies" could impact previously reported annual and quarterly earnings for fiscal 1997, 1998 and 1999, and quarterly earnings for fiscal 2000. In addition, the company said it had placed Kalish's senior financial officer on administrative leave and had accepted the resignation of DTI's senior vice president of finance and administration. Investors who purchased DTII stock between September 29, 1997 and August 23, 2000 may be part of the action. The lead plaintiff motion must be filed no later than October 31, 2000. Mercator Software, Inc. (NASDAQ: MCTR MCTR Missile Technology Control Regime mCTR Murine Calcitonin Receptor MCTR Medical Center for Translational Research (Osaka University Hospital, Japan) MCTR Mackinac Transportation Company ) The complaint charges Mercator with improperly overstated its gross profits and net income while understating its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . On August 21, 2000, Mercator disclosed that it had restated and lowered first- and second-quarter 2000 earnings to account for approximately $2.4 million of underreported expenses. In addition, the company announced that it had accepted the resignation of its chief financial offer and fired its vice president of finance. Investors who purchased Mercator securities between April 20, 2000 and August 21, 2000 may be part of the action. The lead plaintiff motion must be filed no later than October 23, 2000. Thomas & Betts Corporation (NYSE NYSE See: New York Stock Exchange : TNB TNB Tenaga Nasional Berhad (electric power utility in Malaysia) TNB Tacoma Narrows Bridge TNB Thomas and Betts TNB Trinitrobenzene TNB Télévision Nationale du Burkina (Burkina Faso) ) The complaint alleges that Thomas & Betts issued false financial statements for 1999 and the first quarter 2000, requiring a restatement of 1999 financial statements and possibly of financial statements for the first quarter of 2000. The lawsuit also accuses T&B of taking charges of $223.9 million during the second quarter of 2000 to increase reserves for accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , increase reserves for excess and obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. , reduce the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of inventory and reverse revenue that should have been recorded as consignment sales. The news caused the stock to lose more than 30% of its value. Investors who purchased T&B stock between February 15, 2000 and August 21, 2000 may be part of the action. The lead plaintiff motion must be filed no later than October 27, 2000. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman, DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for defrauded investors during that time. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It prides itself on its responsiveness to shareholders and their needs. If you are an investor in any of the companies listed above, or have any questions about any of these securities class actions, please contact the firm at (800) 516-9926. To be participant in any of these class actions, you need not take any action at this time. If you do have questions, please call us and ask to speak to one of the attorneys handling the case you are seeking information about or ask for Jeffrey C. Block, Esq. or Michael G. Lange, Esq. You can also write the firm at One Liberty Square, Boston, MA 02109, send us a facsimile at (617) 542-1194 or send us an e-mail at bdplaw@bermanesq.com. To learn more about any of these cases, or class actions in general, visit the firm's website at www.bermanesq.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion