Class Action Filed Against PictureTel, And Certain Of Its Officers And Directors Alleging Violations Of Federal Securities Law.NEW YORK--(BUSINESS WIRE)--Oct. 20, 1997--A class action has been commenced 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. , case number 97-CV-12345 (DPW DPW n abbr (US) (= Department of Public Works) → ministerio de obras públicas ), on behalf of purchasers of PictureTel Corp. ("PictureTel") common stock during the period Oct. 17, 1996 through Sept. 18, 1997 (the "Class Period"). The Complaint alleges that PictureTel and certain of its officers and directors violated the Securities Exchange Act of 1934. Defendants are alleged to have caused the issuance to the investing public of materially false and misleading statements, regarding among other things, PictueTel's financial results. In particular, the Complaint alleges that the company reported financial results in violation of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting for the third and fourth quarters of fiscal 1996, the 1996 fiscal year, and the first quarter of fiscal 1997. These financial results improperly recognized certain revenues from PictureTel's leases of videoconferencing systems and must be restated. The Complaint alleges that, as a result of these misstatements, PictureTel's common stock price was artificially inflated throughout the Class Period. Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Rabin & Peckel LLP LLP - Lower Layer Protocol . Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions for more than thirty years and has recovered hundreds of millions of dollars for shareholders in class actions 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. . If you are a member of the class described above, you may move the Court on or before Nov. 24, 1997 to serve as lead plaintiff of the class 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 plaintiff's counsel Joseph V. McBride or Marvin L. Frank of Rabin & Peckel LLP, 275 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , 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 , N.Y. 10016, by telephone at 800/497-8076 or 212/682-1818, by facsimile at 212/682-1892, or by e-mail at rabinlaw@ix.netcom.com. CONTACT: Rabin & Peckel LLP Joseph V. McBride/Marvin L. Frank 800/497-8076 212/682-1818 rabinlaw@ix.netcom.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion