Class Action Filed Against Schlotzsky's 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)--Oct. 20, 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 Alleged; supposed; reputed. A putative father is the individual who is alleged to be the father of an illegitimate child. A putative marriage is one that has been contracted in Good Faith and pursuant to ignorance, by one or both parties, that certain class action has been filed in the United States District Court for the Western District of Texas The United States District Court For the Western District Of Texas (W.D.Tex) is the Federal district court whose jurisdiction consists of the counties in the western part of the state of Texas. This district covers over 92,000 square miles and seven divisions. , on behalf of all those who purchased or otherwise acquired Schlotzsky's Inc. ("Schlotzsky's" or the "Company")(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 :BUNZ BUNZ Schlotzsky's Delie (stock symbol) ) common stock between April 29, 1997 and April 5, 1998, inclusive (the "Class Period"). The Complaint alleges that Schlotzsky's and certain of its officers and directors violated the Securities Exchange Act of 1934 by intentionally or recklessly making a series of materially false and misleading statements concerning Schlotzsky's financial results and its business. In particular, it is alleged that defendants misrepresented Schlotzsky's financial results because it recognized revenue from sales of franchises to third party investors, 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 . As a result of these material misstatements, Schlotzsky's had to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its earnings for the third quarter of fiscal 1997. The complaint alleges that as a result of these false and misleading statements the price of Schlotzsky's 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 Schlotzsky's common stock during the Class Period described above, you may no later than Oct. 25, 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 plaintiff'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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