Class Action Lawsuit in the United States District Court for the District of Massachusetts on Behalf of All Persons Who Acquired Shares of PictureTel.NEW YORK--(BUSINESS WIRE)--Oct. 6, 1997--Pursuant to Section 21 (D)(a)(3)(A)(i) of the Securities Exchange Act of 1934 (the "Exchange Act"), notice is hereby given that on Oct. 3, 1997, 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 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. , Civil Action No. C-97-12238 (DPW DPW n abbr (US) (= Department of Public Works) → ministerio de obras públicas ) on behalf of all persons who acquired shares of PictureTel Corp. ("PictureTel") common stock from Oct. 16, 1996 through including Sept. 19, 1997 (the "Class Period"), or their successors in interest (the "Class"). The Complaint names as defendants: PictureTel, Les B. Strauss, who served as PictureTel's vice president and chief financial officer from prior to the Class Period until approximately June 18, 1997, and Norman E. Gaut, PictureTel's chairman and chief executive officer. The complaint charges defendants with violation of Section 10(b) of the Exchange Act in connection with, among other things, their dissemination of materially false and misleading press releases, public statements and other materials concerning PictureTel's financial results with respect to the PictureTel's third and fourth quarter of its 1996 fiscal year and the first quarter of its 1997 fiscal year. The Complaint alleges that PictureTel employed improper revenue recognition for these periods 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 and SEC rules and regulations, which will require it 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 financial results for these periods. Plaintiff seeks to recover damages and other relief on behalf of all members of the Class. Plaintiff is represented by the law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
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 , firms with extensive experience prosecuting class actions on behalf of shareholders. Any member of the proposed Class may move the court to serve as lead plaintiff no later than Nov. 24, 1997. 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 of your rights or interests with respect to these matters, please contact: William J. Ban, Esq. Lowey Dannenberg Bemporad & Selinger, P.C. The Gateway, One North Lexington Ave., White Plains, N.Y. 10601, 914/997-0500 Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. : ldbs@westnet.com or Catherine A. Murphy, Esq. Goodkind Labaton Rudoff & Sucharow LLP 100 Park Ave. New York, N.Y. 10017-5563 212/907-0700 Internet address: murphyc@glrs.com CONTACT: Lowey Dannenberg Bemporad & Selinger, P.C. William J. Ban, Esq., 914/997-0500 Internet address: ldbs@westnet.com or Goodkind Labaton Rudoff & Sucharow LLP Catherine A. Murphy, Esq., 212/907-0700 Internet address: murphyc@glrs.com |
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