Faruqi & Faruqi announces filing of Class Action lawsuit on behalf of Shareholders of Livent Inc.NEW YORK--(BUSINESS WIRE)-- August 13, 1998--Faruqi & Faruqi announces that a Class Action has been commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of 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 on behalf of all purchasers of Livent 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 : LVNTF) common stock between May 15, 1996 and August 10, 1998, inclusive (the "Class Period"). The Complaint charges Livent and certain of its officers and directors with violations of the federal securities laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. Among other things, plaintiff claims that defendants artificially inflated the price of Livent common stock by issuing false and misleading financial reports for Livent's 1996 fiscal year ended December 31, 1996, its 1997 fiscal year, and the first quarter of fiscal 1998. On August 10, 1998, Livent announced that, due to previously undisclosed accounting irregularities, Livent had overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o revenues for these periods and that Garth Drabinsky, Livent's Vice Chairman, and Myron Gottlieb, Livent's Vice President, had been suspended. Plaintiff seeks to recover damages on behalf of himself and all other purchasers of Livent common stock during the Class Period, excluding the defendants and their affiliates. Plaintiff is represented by the law firm of Faruqi & Faruqi, LLP LLP - Lower Layer Protocol , which has extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the law firm of Faruqi & Faruqi, LLP: "If you purchased Livent common stock during the Class Period, you may, not later than 60 days from August 11, 1998, 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: NADEEM FARUQI, LUBNA M. FARUQI, FARUQI & FARUQI, LLP 415 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, NY 10017 Telephone: 212/986-1074 or toll-free 877/247-4292 e-mail: (FaruqiLaw@aol.com)."
CONTACT: FARUQI & FARUQI, LLP, New York
NADEEM FARUQI
LUBNA M. FARUQI
Telephone: 212/986-1074
or toll-free 877/247-4292
e-mail: (FaruqiLaw@aol.com)
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