Class Action Suit Filed Against Computer Learning Centers Inc. Alleging Misrepresentations.NEW YORK--(BUSINESS WIRE)--March 24, 1998--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 on March 18, 1998 in the U.S. District Court for the District of Illinois, Eastern Division, on behalf of all purchasers of Computer Learning Centers Inc. (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 :CLCX)("CLC (The Computer Language Company Inc.) The publisher of this Encyclopedia. See About this product. " or the "Company") common stock between March 17, 1997 through March 10, 1998 inclusive (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934. The class action Complaint alleges a fraudulent scheme Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit illegitimate enterprise, racket and deceptive de·cep·tive adj. Deceptive or tending to deceive. de·cep  tive·ness n. course of conduct by CLC and certain of its officers and/or directors who disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. materially misleading statements during the Class Period. Specifically, the Company failed to disclose the serious operational problems facing it, including the Company's inability to adequately staff its rapidly expanding number of educational centers with qualified instructors and to provide its mushrooming student enrollment with the latest technology. By concealing these adverse facts, the Company was able to maintain artificially inflated prices in the market for CLC's common stock and issue additional shares of stock. Additionally, several Company insiders were able to reap significant profits by trading their shares of Company stock while in possession of this material adverse information. As a result, purchasers of CLC stock during the Class Period were injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. . Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Morris and Morris. Morris and Morris is a law firm that concentrates on litigating class actions on behalf of investors and shareholders under the federal securities laws. If you are a member of the class described above, you may move the Court to serve as lead plaintiff to the class within 60 days of March 13, 1998. If you wish to discuss this action, or have any questions concerning this notice, or your rights with respect to this matter, please contact Patrick F. Morris, Esq. at Morris and Morris by calling toll free 1-800-296-0410 or by e-mail at morrisandmorris@compuserve.com, or by fax at 302/426-0406, by writing Morris and Morris, 1105 North Market Street, Suite 1600, Wilmington, DE 19801. CONTACT: Morris and Morris Patrick F. Morris, Esq. 800/296-0410 302/426-0406 (fax) morrisandmorris@compuserve.com |
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