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AMERICAN STUDIOS, INC. ANNOUNCES SECOND QUARTER DIVIDEND AND SHAREHOLDER LITIGATION

 CHARLOTTE, N.C. May 20 /PRNewswire/ -- American Studios, Inc. (NASDAQ-NMS: AMST), the principal provider of portrait photography services in Wal-Mart Stores, Inc. (Wal-Mart) (NYSE: WMT) today announced that its board of directors on May 13, 1993 declared a $0.02 per share dividend payable on June 30, 1993 to shareholders of record as of June 15, 1993.
 American Studios also announced today that an individual who purchased 250 shares of common stock in the company's secondary public offering completed in March 1993 has filed a civil action in the U.S. District Court for the Western District of North Carolina seeking damages from the company and certain officers and directors for the alleged failure to disclose certain material information in the company's registration statement and prospectus. The action alleges violation of the Securities Act of 1933, Securities Exchange Act of 1934 and Rule 10b-5 and asks the court for certification of a class to include all purchasers of the company's stock in the March secondary public offering and/or during the period of March 22, 1993 through May 12, 1993. R. Kent Smith, president, stated "it is the firm belief of both American Studios and the individuals that the suit has no merit. We will vigorously defend the case."
 The company presently has 21,625,424 shares of common stock outstanding. American Studios, Inc. currently provides portrait photography services in over 1,700 Wal-Mart stores in 34 states in the United States and Puerto Rico.
 -0- 5/20/93
 /CONTACT: R. Kent Smith, President, or A. Allen Henderson, CFO, American Studios, Inc., 704-588-4351/
 (AMST WMT)


CO: American Studios, Inc.; Wal-Mart Stores, Inc. ST: North Carolina IN: REA SU: DIV

SB -- CH009 -- 0997 05/20/93 18:00 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:288
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