Class Action Suit Filed Against TriTeal Corporation and Its Officers, Directors and Underwriters Alleging Misrepresentations, False Financial Statements and Insider Trading.SAN DIEGO--(BUSINESS WIRE)--Nov. 21, 1997--A class action has been commenced in the United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. on behalf of purchasers of the common stock of TriTeal Corporation ("TriTeal") issued pursuant to TriTeal's February 19, 1997 Registration Statement and Prospectus ("Prospectus"). The complaint charges TriTeal and certain of its officers, directors and underwriters with violations of the Securities Act of 1933. TriTeal provides software that allows computers with different operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. to communicate with each other. The complaint alleges that during September 3, 1996 to October 2, 1997, TriTeal's stock was artificially inflated to a high of $23-1/4 from $8, a 200% increase in less than six months, as TriTeal reported its first profitable quarter in history, which it attributed to strong demand for and sales of its most important products. As a result of the artificial inflation in TriTeal's stock price, TriTeal and its officers were able to sell 1,365,000 shares and 293,881 shares of TriTeal stock to the public for $30.8 million and $5.6 million, respectively, at $19.25 per share in a Secondary Offering pursuant to the February 19, 1997 Prospectus. However, after these stock sales were completed, TriTeal reported huge reductions in revenue and enormous losses that far outstripped the small profits it had earlier reported, including massive write-downs of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying -- false accounts receivable that were generated by TriTeal recording millions in phony software license fees as revenues to create the apparent profits that enabled TriTeal and its insiders to cash in by their large stock sales. The value of TriTeal's stock on the date this complaint is filed is $2-9/16, 87% below the $19.25 price of the Secondary Offering. Plaintiffs seek to recover damages on behalf of all purchasers of TriTeal common stock who purchased their stock pursuant to the February 19, 1997 Prospectus. They are represented by several 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]
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 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. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Los Angeles and is active in major litigation 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. Visit the firm's website at http://www.milberg.com . If you are a member of the Class described above, you may, no later than 60 days from November 7, 1997, move the Court to serve as lead plaintiff of the Class, if you so choose. 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 or your rights or interests, please contact plaintiffs' counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com . CONTACT: Milberg Weiss William Lerach/Alan Schulman/Darren Robbins, 800/449-4900 e-mail at wsl@mwbhl.com . |
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