Class Action Suit Filed Against Sunbeam Corp. and Its Officers and Directors Alleging Misrepresentations and False Financial Statements.PHILADELPHIA--(BUSINESS WIRE)--May 15, 1998--Pursuant to Section 21D(a)(3)(A)(i) of the Securities Exchange Act of 1934 ("Exchange Act"), Notice is hereby given that on May 15, 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 alleging violations of the federal securities laws was filed in the United States District Court for the Southern District of Florida The United States District Court for the Southern District of Florida (S.D.Fl.) is the federal district court covering the southern part of the state of Florida. The court's jurisdiction comprises the following counties: Broward, Dade, Highlands, Indian River, Martin, Monroe, styled David Applestein v. Sunbeam Corp., et al., Case No. 98-8316. The action is brought on behalf of all purchasers of Sunbeam Corp. ("Sunbeam" or the "Company") common stock during the period from October October: see month. 22, 1997 to the announcement by Sunbeam of expected first quarter 1998 results at approximately 11:16 a.m. on April 3, 1998 (the "Class Period"). The Complaint in this action alleges that purchasers of Sunbeam common stock during the Class Period were damaged by reason of the defendants' conduct in violation of Sections 10(b) and 20(a) of the Exchange Act. Specifically, the Complaint alleges that the Company and certain of its officers and directors made misleading statements concerning, among other things, Sunbeam's sales and earnings for the fourth quarter and full-year 1997 and the success of its restructurings while failing to disclose that two buying programs initiated by the Company in 1997 were responsible for boosting Sunbeam's 1997 reported sales and revenue growth, and that these programs would have the inevitable effect of slowing sales in 1998. These misrepresentations and omissions concerning 1997 results as well as to the extent to which first quarter 1998 results had fallen below expectations, were made to enable defendants to continue the appearance of strong financial results and complete three acquisitions, in which the Company used $800 million of its stock. When the Company announced on April 3, 1998 that first quarter 1998 results would not only be lower than expected, they would not even meet 1997 levels, Sunbeam stock, which had traded as high as 52 7/16, lost almost 25% of its value to close at 34 3/8. The action was filed by the firms of Spector & Roseman, P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. ., of Philadelphia, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. and Burt & Pucillo, LLP LLP - Lower Layer Protocol , of West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. . Both firms concentrate their practice in the representation of shareholders in class action claims under the federal securities laws 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. . Spector & Roseman, P.C.'s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies. Visit the firm's web site at http://www.spectorandroseman.com If you are a member of the Class described above and wish to serve as a lead plaintiff in this action, you may contact Plaintiffs' counsel, Robert M. Roseman at Spector & Roseman, P.C., at 215/864-2400 or 888/844-5862 or e-mail address See Internet address. e-mail address - electronic mail address : spro@voicenet.com and Wendy H. Zoberman at Burt & Pucillo, LLP, at 561/835-9400 or 800/349-4612, or e-mail address: cbmp@flinet.com. Motions for appointment of a lead plaintiff must be filed on or before June 22, 1998. CONTACT: Spector & Roseman, P.C. Robert M. Roseman, 888/844-5862 spro@voicenetcom or Burt & Pucillo, LLP Wendy H. Zoberman, 800/349-4612 cbmp@flinet.com or Toplin & Associates, Inc. 215/886-4644 www.toplin.com |
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