Class Action filed against Transcrypt International Inc. and others on behalf of all purchasers of Transcrypt's Stock.NEW YORK--(BUSINESS WIRE)--May 18, 1998--A class action has been commenced in the United States District Court for the District of Nebraska The United States District Court for the District of Nebraska is the Federal district court whose jurisdiction is the state of Nebraska. The United States Attorney's Office for the District of Nebraska on behalf of all purchasers of the common stock of Transcrypt International Inc. (Nasdaq: TRIIE) ("Transcrypt") between January January: see month. 22, 1997 through April 24, 1998 (the "Class Period"). The complaint charges Transcrypt and others with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, Transcrypt issued materially false and misleading statements substantially overstating its financial performance for periods as early as the twelve months ended December 31, 1996 causing the price of Transcrypt stock to be artificially inflated at all times since Transcrypt went public, thereby injuring the members of the Class. On April 27, 1998, Transcrypt announced the resignation of its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , Coopers & Lybrand LLP LLP - Lower Layer Protocol ("Coopers"), and the withdrawal of their audit reports on Transcrypt's 1995 and 1996 financial statements. On May 4, 1998, Transcrypt filed a report with the Securities and Exchange Commission itemizing millions of dollars of revenue reductions for the year ended December 31, 1997, disclosing that Coopers had stated "that it was possible that illegal acts may have been committed by Company personnel, including management" and that at the time of its resignation, there were certain issues which "may result in significant changes to financial statements of one or more years and quarters" including issues regarding the "appropriateness of recording revenues in 1996 and 1997 for transactions where goods may have been shipped to public warehouses, family members, employees and to the Company itself," the proper recording of revenues for certain transactions in 1996 and 1997 and the "verification of the physical existence and the valuation of inventory at" certain locations. If you are a member of the class described above, you may, if you so choose, but not later than 60 days from March 31, 1998, file a motion with the District Court to serve as lead plaintiff. If you have any questions about, or wish to discuss this matter, please contact: Harold B. Obstfeld, Esq. of Harold B. Obstfeld, P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. ., 260 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , 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 , New York 10016, (212) 696-1212 or (888) 896-0347 or via Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the electronic mail at hobsd@erols.co. CONTACT: Harold B. Obstfeld, Esq. of Harold B. Obstfeld, P.C. (212) 696-1212 or (888) 896-0347 or via Internet electronic mail at hobsd@erols.co. |
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