Business Services Industry
Spector, Roseman, & Kodroff, P.C. Announces Class Periods for Securities Class Action Lawsuits Against Accelr8 Technology Corp., Citrix Systems, Inc., S1 Corp., PE Corp. Celera Genomics Group, Cyber-Care, Inc., First Security Corp., Flooring America, Inc
Business Wire, June 22, 2000
FIRST SECURITY CORP. (Nasdaq: FSCO) 10/18/99 - 3/2/00: The complaint alleges that defendants issued a series of material misrepresentations to the market during the class period, which artificially inflated the price of First Security Corp.'s common stock. For instance, the complaint charges that on January 19, 2000, the Company reported earnings of $0.37 per share during its fourth quarter of fiscal 1999, constituting an increase over the comparable quarter of 1998. In fact, the Company's fourth quarter earnings per share were affected by an undisclosed one-time nonrecurring gain of $0.04 per share. Thus, the Company's true operating performance was $0.33 per share, representing a decrease over the comparable 1998 period. When the Company revealed, on March 3, 2000, that its operating results for the fourth fiscal quarter would fall short of estimates, the price of First Security common stock dropped 38%, falling from $22.50 per share to $13.968 per share.
FLOORING AMERICA, INC. (NYSE: FRA) 11/11/99 - 5/22/00: 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) 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 with the Securities and Exchange Commission for the year ended February 5, 2000 and further announced that the Company would restate 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.
OPEN MARKET INC. (NASDAQ: OMKT) 11/8/99 - 4/18/00: The complaint charges Open Market and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition. Among other things, the Complaint alleges that on December 7, 1999, defendants reported that the availability of its new product, Golden Gate, would allow the Company to continue to lead the e-commerce marketplace. In fact, defendants knew that Golden Gate was still in its early stages of development, and that competitors were offering more technologically advanced products. On April 18, 2000, the Company announced a wider than expected first quarter 2000 loss, and its stock price dropped by 23% from the prior day's close, and 83% from its Class Period high.
FEDERAL-MOGUL CORP. (NYSE: FMO) 10/22/98 - 5/22/00: The complaint charges Federal-Mogul and certain of its officers and directors with violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by issuing a series of material misrepresentations to the market between October 22, 1998 and May 25, 2000.
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