Class Action Suit Filed Against Comparator Systems and La Jolla Capital Alleging Misrepresentations and Market Manipulation.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif.--(BUSINESS WIRE)--May 13, 1996--A class action has been commenced in the California Superior Court for Orange County by plaintiffs Eric Aafedt, PJH PJH Putrajaya Holdings Sdn Bhd PJH PLRS/JTIDS Hybrid Sales and Marketing Inc., Peter Petropulos, Silvio L. Marcoccia and Alan Papier on behalf of purchasers of Comparator comparator Instrument for comparing something with a similar thing or with a standard measure, in particular to measure small displacements in mechanical devices. In astronomy, the blink comparator is used to examine photographic plates for signs of moving bodies. Systems Corporation ("Comparator") common stock during the period May 6, 1996 to May 8, 1996. The complaint alleges that during the Class Period, defendants issued false and misleading statements about Comparator and engaged in unlawful market manipulation of Comparator's stock. These false statements and manipulations allegedly artificially inflated the price of Comparator's stock and caused the price to rise from $0.06 per share to as high as $1.89 per share for an approximate 3000% price jump in two trading days, on volume of 450,000,000 shares traded. When the truth about Comparator began to be disclosed, the stock dropped 70% in price to just $0.56 per share when trading of Comparator's stock was halted by the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). on May 8, 1996. In light of the dramatic trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. and decline in price, investors have losses of $300,000,000. Plaintiffs who have sued seek to recover damages on behalf of all purchasers of Comparator common stock during the Class Period (the "Class"). They are represented by several law firms, including Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol , who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in 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 , San Diego, San Francisco and Los Angeles and is active in major litigations pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach or Kirk Hulett of Milberg Weiss at 619/231-1058. CONTACT: Milberg Weiss William Lerach, 619/231-1058 |
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