Colton & Roesser Announces It has Filed a Second Class Action Against McKesson, HBOC Inc. On Behalf of Former Shareholders of Access Health Inc.SAN DIEGO--(BUSINESS WIRE)--May 12, 1999-- The following was announced by Colton & Roesser: Colton & Roesser, which commenced a securities 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 on behalf of securities holders of McKesson HBOC HBOC HBO & Co of Georgia HBOC Hereditary Breast and Ovarian Cancer HBOC Hemoglobin-Based Oxygen Carrier HBOC Hawke's Bay Orienteering Club (New Zealand) HBOC Hunter Bird Observers Club HBOC Horse Breeders and Owners Conference Inc. (NYSE NYSE See: New York Stock Exchange :MCK MCK McKinsey & Company (consulting firm) MCK Mohawk Council of Kahnawake (Quebec) MCK Mon Colle Knights (children's TV show) MCK Mirror Classes Kit MCK Maintenance Check "McKesson") on April 28, 1999, has filed a second class action complaint in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa on behalf of former stockholders of Access Health Inc. ("Access") who exchanged their Access shares for common stock of HBOC & Company pursuant to the merger of those two entities. Plaintiff class charges, among other things, defendants violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. sections 11 and 12 of the Securities Act of 1933. Plaintiff seeks to recover damages on behalf of all common stockholders of Access, who exchanged their shares for shares of HBOC & Company, and is represented by the law firm of Colton & Roesser. Sections 11 and 12 of that Act allow shareholders of an acquired company who had their shares converted to sue the acquiring company for misstatements in that transaction. The Complaint alleges that the Defendants failed to disclose material facts concerning HBOC's improper revenue recording from its software sales, thereby injuring all shareholders of Access who exchanged their shares of HBOC & Company common stock. As noted in the Complaint, on April 28, 1999, McKesson HBOC announced that due to its improper recognition of revenue from its software sales, it would have to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its fiscal year's earnings. Upon the release of this news, the Company's stock dropped from its closing price on April 27, 1999, of $63 3/4 to 33 1/8 on April 28, 1999, (i.e., almost 50%). If you owned Access Health Inc., shares as of Oct. 19, 1998, you have 60 days from the filing of the first complaint filed against McKesson on behalf of former Access shareholders. In order to serve as lead plaintiff, 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 Grant Puleo or Matt Rifat at Colton & Roesser, at 800/371-3979 or by e-mail at gpuleo@colton-roesser.com. |
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