SHAREHOLDERS' SUIT FILED AGAINST WITH DESIGN IN MIND INTERNATIONAL INC.
CHATSWORTH, Calif., March 9 /PRNewswire/ -- With Design in Mind International Inc. (NASDAQ: WDIM) today announced that a second shareholders' class auction suit had been filed against it. This suit names as additional defendants the company's accountants and the underwriters of the company's May 10, 1991, public offering. The company has vigorously opposed the first suit, and the court is presently considering the company's motion to dismiss that suit. A decision on that matter is expected within a week. The new class action was filed on Feb. 17, 1993, by the same attorneys who filed the first action and has not yet been served on the company. This new class action is based upon misrepresentations and omissions alleged to have occurred in connection with the company's May 10, 1991, public offering, arising out of the misconduct of former management. The company's legal counsel is presently evaluating the suit, and no conclusions as to its validity have yet been reached. Sheldon F. Morick, president of the company, stated that he was saddened by this new suit, since it came at a time when new management is working diligently to reorganize the company and introduce its new products. Morick stated that defending this new suit will needlessly drain the company's resources and funds, which could be better used in product development and manufacturing. -0- 3/9/93 /CONTACT: Sheldon F. Morick, president and CEO, or Michael S. Manahan, VP and CFO, of With Design in Mind, 818-407-1286/ (WDIM)
CO: With Design in Mind International Inc. ST: California IN: HOU SU:
KJ-LS -- LA002 -- 4361 03/09/93 08:46 EST
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|Date:||Mar 9, 1993|
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