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Milberg et al Class Actions
Milberg Weiss Bershad Hynes & Lerach LLP have issued the following press release on class actions regarding listed securities. If you require additional information regarding these cases or concerning your rights or interests, you can contact:
Milberg Weiss Bershad Hynes & Lerach LLP
Wednesday March 8, 4:08 pm Eastern Time
Company Press Release
NEW YORK--(BUSINESS WIRE)--March 8, 2000--The following notice to purchasers of the following securities was released today by Milberg Weiss Bershad Hynes & Lerach LLP:
CAMPBELL SOUP COMPANY (NYSE: CPB - news; Class Period: 11/18/97 - 01/08/99). Campbell Soup Company and certain of its officers and directors have been charged with issuing false and misleading statements concerning its business. Plaintiff alleges that the company claims to have sold product to major distributors or resellers when in fact it had not. These ``phantom sales'' artificially inflated the price of the company's stock and, when Campbell disclosed declining earnings as a result of lower sales, the price of its stock dropped approximately 15% and has never recovered.
SUNTERRA CORP. (NYSE: OWN - news; Class Period: 10/04/98 - 01/19/00) The complaint charges Sunterra and certain of its senior officers and directors with issuing financial statements which materially overstated the company's assets, income and earnings. On January 20, 2000, defendants disclosed that Sunterra would charge- off $38-$45 million of its assets, primarily delinquent receivables improperly left on the Company's books.
INFORMATION MANAGEMENT ASSOCS., INC. (Nasdaq: IMAA - news; Class Period: 08/12/99 - 11/18/99). The complaint alleges that defendants improperly recognized sales revenues, among other things, which materially overstated earnings by millions of dollars for the second quarter of 1999. The action further alleges that the true state of the company's deteriorating financial condition was revealed on November 18, 1999, when the company announced the restatement of its second-quarter earnings to reflect an actual loss of over $6.5 million compared to the $1.8 million loss previously reported.
SYKES ENTERPRISES (Nasdaq: SYKE - news; Class Period: 10/25/99 - 01/31/00). Sykes and certain of its officers and directors have been charged with issuing false and misleading financial statements concerning the company's revenues and earnings.
ASHANTI GOLDFIELDS COMPANY LTD. (NYSE: ASL - news; Class Period: 07/28/99 - 10/05/99). The complaint alleges that defendants misrepresented and concealed the true risks present in the Company's hedge book and concealed the company's exposure to the volatility in the price of gold. On October 5, 1999, the complaint alleges, Ashanti announced that its hedge book had turned ``negative'' by over $450 million and that the company would be required to meet massive margin calls which it did not have the capital to meet. Following these disclosures the price of Ashanti common stock declined over 56 %.
ANALYTICAL SURVEYS, INC. (Nasdaq: ANLT - news; Class Period: 01/25/99 - 01/27/00). The complaint alleges that defendants issued materially false and misleading financial statements during the Class Period. In particular, the complaint alleges that the company's financial statements violated GAAP and other financial reporting standards by materially overstating the Company's revenues, income and earnings.
SUNSTAR HEALTHCARE, INC. (Nasdaq: SUNS - news; Class Period: 11/13/98 - 12/14/99). Sunstar Healthcare and certain of its officers and directors have been charged with issuing false and misleading information concerning the company's business, financial condition, earnings and future prospects.
WORLD FUEL SERVICES CORP. (NYSE: INT - news; Class Period: 05/26/99 - 01/31/00). The complaint alleges that the company issued false and misleading financial statements which failed to take adequate reserves for losses, failed to disclose that it lacked insurance on key assets and failed to disclose that bad debts had been consistently accounted for as advances to third-parties.
JDN REALTY CORPORATION (NYSE: JDN - news; Class Period: 03/28/97 - 02/14/00). JDN Realty and certain of its officers and directors have been charged with concealing the fact that certain of the company's executives were receiving undisclosed compensation in connection with many of its real estate development projects. As a result, the company's financial statements were misstated and the market price of JDN Realty's stock was artificially inflated. When defendants disclosed this information, JDN Realty's stock price dropped over 40% in the course of a single trading day.
THOMAS & BETTS CORP. (NYSE: TNB - news; Class Period: 04/28/99 - 12/14/99). The complaint charges that defendants misled investors concerning the successful implementation of the company's Internet-based order processing system and issued materially false financial statements which overstated the company's operating revenues and profits.
VALUE AMERICA, INC. (Nasdaq:VUSA - news; Class Period: April 7, 1999 IPO, or 04/07/99 - 12/28/99). Value America and certain of its officers and directors have been charged with issuing false and misleading statements concerning the company's true operating condition and financial performance.
INSO CORP. (Nasdaq: INSO - news; Class Period: 10/28/99 - 02/01/00). The complaint alleges that defendants issued a series of materially false and misleading statements concerning the company's successful transition to an e-Business Internet company and failed to disclose adverse trends in the demand for the company's products and services.
IBP, INC. (NYSE: IBP - news; Class Period: 03/23/99 - 01/12/00). The complaint alleges that defendants issued a series of materially false and misleading statements concerning the company's compliance with state and federal environmental protection laws applicable to the company's beef and pork production facilities.
CINAR CORP. (Nasdaq: CINR - news; Class Period: 02/04/99 - 02/18/00). The complaint alleges that defendants failed to disclose that the company was falsely representing that scripts written by United States citizens were written by Canadian citizens in order to obtain favorable tax credits and that, as a result, the company's financial results were artificially inflated.
RAVISENT TECHNOLOGIES, INC. (Nasdaq: RVST - news; Class Period: 07/15/99 - 02/17/00). The complaint alleges that defendants issued materially false and misleading financial statements which overstated the company's revenues and profits. On February 18, 2000, Ravisent announced that the release of its 1999 audited financial statements would be delayed due to continuing discussions with its auditors concerning Ravisent's allegedly improper recognition of 1999 revenues on certain contracts.
You should be aware that class action complaints involving the securities of the above companies were filed on behalf of investors by the law firm of Milberg Weiss Bershad Hynes & Lerach LLP (``Milberg Weiss''), often in cooperation with other major experienced securities firms. Milberg Weiss is a 120 lawyer firm that has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi- district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate total approximately $2 billion.