Law Firm Wolf Haldenstein Adler Freeman & Herz LLP Announces Class Action Lawsuit Against Prime Retail, Inc.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--Nov. 3, 2000 The following is an announcement by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP LLP - Lower Layer Protocol : Wolf Haldenstein Commences Securities Fraud Class Action Against Prime Retail, Inc. and Certain Of Its Officers and Directors Wolf Haldenstein Adler Freeman & Herz LLP has commenced 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 in the United States District Court for the District of Maryland The United States District Court for the District of Maryland is the Federal district court whose jurisdiction is the state of Maryland. Notable judges in this district include William Paca, a signer of the United States Declaration of Independence. on behalf of all purchasers of Prime Retail, Inc. ("Prime Retail" or the "Company") (NYSE NYSE See: New York Stock Exchange : PRT PRT Print PRT Port PRT Portugal (ISO country code) PRT Printer PRT Provincial Reconstruction Team (Iraq) PRT Personal Rapid Transit PRT Personal Rapid Transit ) common stock during the period between May 28, 1999 and January 18, 2000 (the "Class Period"). A copy of the complaint may be viewed on the firm's web site located at www.whafh.com. The complaint charges Prime Retail and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder by the Securities and Exchange Commission ("SEC"). Specifically, the complaint alleges that Prime Retail assured its investors throughout the Class Period that it would issue a dividend in its fourth quarter of 1999, even though it knew that its deteriorating operations and debt-laden balance sheet would make issuing a dividend impossible. On January 18, 2000, Prime Retail announced that it would suspend its common dividend for 2000 because of lowered occupancy rates and cash shortage. The value of Prime Retail's securities plummeted by 37% from its prior day close on the news of this announcement. Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com). The Wolf Haldenstein firm has a full service commercial practice consisting of approximately 50 attorneys based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , San Diego, New Jersey and Chicago. The firm's 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. department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. The firm has achieved recoveries of $2 billion on behalf of investors and shareholders. If you purchased Prime Retail common stock during the Class Period, you have until December 15, 2000, to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. 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, 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 (Michael Miske, George Peters, Fred Taylor Isquith, Esq., or Gregory M. Nespole), via e-mail at classmember@whafh.com or visit our web site at www.whafh.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion