Centennial Technologies sued in investor class action.NEW YORK/BOSTON--(BUSINESS WIRE)--Feb. 12, 1997--Please take notice that on Feb. 12, 1997, a securities 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 was filed in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. on behalf of purchasers of the common stock of Centennial Technologies Inc. ("Centennial") during the period Aug. 21, 1996 through Feb. 10, 1997, inclusive (the "class period"). The complaint in the action charges Centennial and certain of its senior officers with violations of the federal securities laws (Sections 10(b) and 20 of the Securities Exchange Act of 1934) by, among other things, misrepresenting and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. omitting material information concerning Centennial's reported operating results for its fiscal year ended June 30, 1996 and its quarterly reporting periods for the first and second fiscal quarters of 1997. On Feb. 11, 1997, Centennial announced that the company had fired its chief executive officer, relieved its chief financial officer of his duties, and "undertaken an inquiry into the accuracy of its reported earnings for the second fiscal quarter of 1997, ended Dec. 31, 1996, and financial statements for prior periods." Specifically, the company stated that: "Preliminary information has raised significant questions as to whether reported results contained material misstatements." Due to the immediate adverse impact of the announcement of an expected restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of the company's financial statements and the surprise to the market, trading in Centennial's stock was halted and is expected to open trading significantly lower than the previous day's closing price. The plaintiffs are represented by the firms of Wolf Popper An early Unix POP server, which was written at the University of California at Berkeley. LLP LLP - Lower Layer Protocol and Shapiro, Haber & Urmy LLP. Both firms have considerable experience in prosecuting securities class actions. Wolf Popper LLP has successfully recovered more than one billion dollars for defrauded investors and shareholders. If you are a member of the class described above, you may, if you so choose, but not later than 60 days from today, file a motion with the District Court to serve as lead plaintiff. If you have any questions about, or wish to discuss, this action, please contact Marian P. Rosner or Chet B. Waldman at Wolf Popper LLP, 845 Third Avenue, 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 , New York 10022, (212) 759-4600 or via Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the electronic mail at WolfPopper@aol.com. CONTACT: Wolf Popper LLP Marian P. Rosner or Chet B. Waldman 212/759-4600 WolfPopper@aol.com |
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