Flooring America Inc.'s Restatement of Earnings Prompts Wolf Haldenstein to Commence Lawsuit On Behalf of Defrauded Shareholders.Business Editors NEW YORK--(BUSINESS WIRE)--June 16, 2000 Wolf Haldenstein Adler Freeman & Herz LLP LLP - Lower Layer Protocol announces that 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 has been commenced in the United States District Court for the Northern District of Georgia The U.S. District Court for the Northern District of Georgia serves the residents of forty-six counties. These are divided up into four districts. The Atlanta district includes: Cherokee, Clayton, Cobb, Internet Coffe Phone, Douglas, Fulton, Gwinnett, Henry, Newton, and on behalf of all persons who purchased or otherwise acquired common stock issued by Flooring America, Inc. ("Flooring America" or the "Company") from November 11, 1999, through and including May 22, 2000 (the "Class Period"). A copy of the complaint may be read and/or printed from the Wolf Haldenstein web site at www.whafh.com The complaint alleges that Flooring America and certain of its top officers violated the federal securities laws by issuing false and misleading statements (which were prepared in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) that caused Flooring America stock to trade at artificially high prices during the Class Period. On May 22, 2000, Flooring America announced a delay in the filing of its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission for the year ended February 5, 2000, and further announced that the Company would 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 financial results for the first two quarters of the fiscal year 2000, as a result of the year-end audit process. When the results of these restatements were announced, Flooring America's common stock price, which closed as high as $6 15/16 during the Class Period, fell to $2 9/16. Plaintiffs seek to recover damages on behalf of all those who purchased Flooring America common stock during the Class Period. If you bought Flouring America securities from November 11, 1999, through and including May 22, 2000 you may, no later than August 14, 2000, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the 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. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts A court having jurisdiction to review decisions of a trial-level or other lower court. An unsuccessful party in a lawsuit must file an appeal with an appellate court in order to have the decision reviewed. across the country. The reputation and expertise of these firms in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed them to major positions in complex securities multi-district and consolidated litigation. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 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, by telephone at (800) 575- 0735 (Gregory M. Nespole, Esq., or Michael Miske via e-mail at classmember@whafh.com, whafh@aol.com, nespole@whafh.com, Gnespole@aol.com, or our website at www.whafh.com. all e-mail correspondence should make reference to Flooring America. |
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