Burt & Pucillo, LLP Announces Class Action Lawsuit Against Hamilton Bancorp, Inc.Business Editors & Legal Writers WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Feb. 9, 2001 Pursuant to Section 21D(a)(3)(A)(i) of the Securities Exchange Act of 1934, Notice is hereby given that on February 8, 2001, 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 alleging violations of the federal securities laws was filed in the United States District Court for the Southern District of Florida The United States District Court for the Southern District of Florida (S.D.Fl.) is the federal district court covering the southern part of the state of Florida. The court's jurisdiction comprises the following counties: Broward, Dade, Highlands, Indian River, Martin, Monroe, against Hamilton Bancorp, Inc. (Nasdaq:HABK) and certain members of management of that Company. The action is brought on behalf of a class of persons who purchased the common stock of Hamilton Bancorp, Inc. ("Hamilton Bancorp" or the "Company") during the period from April 21, 1998 through and including December 22, 2000 (the "Class Period"). The Complaint alleges that Hamilton Bancorp's reported results of operations for 1998, 1999 and through the first three quarters of 2000 were materially 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 . Specifically, the Complaint charges that the Company failed to properly record an exchange transaction in 1998 that resulted in a loss of $22 million. The improper recording of this transaction caused the Company's net income for 1998 to be overstated by $14.3 million. Instead of the $21.799 million originally reported, the Company's net income for 1998 was actually $7.495 million. In addition, in the third quarter of the year 2000, the Company was forced to increase its provision for credit losses to account for previously inadequate reserves for certain problem loans. Named as defendants in the Complaint are Hamilton Bancorp, Eduard A. Masferrer, John M.R. Jacobs and Maria Ferrer-Diaz. The action was filed by the firm of Burt & Pucillo, LLP LLP - Lower Layer Protocol of West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . The firm of Burt & Pucillo, LLP concentrates its practice in the representation of shareholders in class action claims under the federal securities laws in Florida and throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For further information on the firm's prior experience in class and securities 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. , or if you are a member of the Class described above and wish to serve as a lead plaintiff in this action, you may contact Michael J. Pucillo at Burt & Pucillo, LLP, at 561/835-9400 or 800/349-4612, or e-mail address: law@burt-pucillo.com or burtpucill@aol.com. Motions for appointment of a lead plaintiff must be filed on or before March 13, 2001. |
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