Class Action Filed Against Livent Inc. and Certain of its Officers and Directors Alleging Violations of Federal Securities Law Announces The Law Office of Leo W. Desmond.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 30, 1998--The Law Office of Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. W. Desmond announces a putative class action has been filed 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 Southern District of 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 on behalf of all purchasers of Livent 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 : LVNTF) common stock from May 15, 1996 through Aug. 10, 1998, inclusive (the "Class Period"). The complaint alleges that Livent Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 by making a series of false and misleading statements concerning the company's business, financial operations, and earnings during the Class Period. In particular it is alleged that the company's reported revenues, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , and net income during the Class Period 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 and its expenses were understated as a result of the improper recognition of revenue, the failure to record expenses, the improper deferral of expenses, and the improper capitalization of expenses. The complaint also alleges that as a result of these false and misleading statements, the price of Livent Inc. common stock was artificially inflated throughout the Class Period, causing plaintiff and the other members of the class to suffer damages. Plaintiff is represented by The Law Office of Leo W. Desmond. If you purchased Livent Inc. common stock during the Class Period described above, you may, no later than Oct. 12, 1998, move the court to serve as lead plaintiff, if you so choose. 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 announcement or your rights or interests, please contact planitiff's counsel, Leo W. Desmond of The Law Office of Leo W. Desmond by telephone at (888)337-6663 or (561)712-8000, by facsimile at (561)712-8002, or by e-mail at Info@SecuritiesAttorney.com or at the firm's website at http://www.SecuritiesAttorney.com. |
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