Class Action Filed Against Mitcham Industries Inc.BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 11, 1998--Notice is hereby given that 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 was filed in the United States District Court for the Southern District of Texas The United States District Court for the Southern District of Texas is the Federal district court with jurisdiction over the southern part of Texas and is a part of the Fifth Circuit. The court's headquarters is in Houston, Texas and has six additional offices in the district. on behalf of all purchasers of the common stock of Mitcham Industries Inc. ("Mitcham" or the "Company") from June 4, 1997 through March 26, 1998, inclusive (the "Class Period"). The complaint charges Mitcham (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 : MIND) and certain of its officers and directors of falsely representing to the investing public that Mitcham's growth prospects were dependent on revenues from seismic equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
On March 26, 1998, defendants revealed that Mitcham's growth prospects were, in fact, dependent upon equipment sales, rather than leasing, and that it had inadequately provided for doubtful accounts receivable. Upon this disclosure, the price of Mitcham common Mitcham Common is an area of common land situated in South London. It is predominantly in the London borough of Merton, with parts straddling the borders with Sutton and Croydon. stock tumbled from $16.75 to $13.00, a one-day drop of more than 22%. As a result, each person who purchased shares of Mitcham common stock during the Class Period paid an artificially inflated price and was damaged thereby. Plaintiff seeks to recover damages on behalf of class members and is represented by Schiffrin Craig & Barroway, LLP LLP - Lower Layer Protocol , who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. If you are a member of the class described above, you may, not later than sixty days from April 23, 1998, move the Court to serve as lead plaintiff of the class, if you so choose. In order 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 notice or your rights or interests with respect to these matters, please contact Schiffrin Craig & Barroway, LLP (Andrew L. Barroway, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at classlaw@ix.netcom.com. CONTACT: Schiffrin Craig & Barroway, LLP Andrew L. Barroway, Esq., 888/299-7706 (toll free) or 610/667-7706 Or by e-mail at classlaw@ix.netcom.com |
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