Stull, Stull & Brody Announces Class Action Filed Against Topaz Group, Inc. On Behalf of Shareholders Who Purchased Securities Between March 21, 2002 and August 20, 2003

Business Wire, Dec 18, 2003

Business Editors/Legal Writers

LOS ANGELES--(BUSINESS WIRE)--Dec. 18, 2003

A class action lawsuit was filed in U.S. District Court for the District of Washington on behalf of purchasers (the "Class") of Topaz Group, Inc. ("Topaz" or the "Company") between March 21, 2002 and August 20, 2003, inclusive (the "Class Period").

Defendant Topaz is a vertically integrated manufacturer and seller of fine jewelry and gemstones. Topaz is traded on the American Stock Exchange under the ticker symbol TPZ (AMEX:TPZ).

Defendants include Topaz, Aphichart Fufuangvanich, George Pfeifer, Peter Brongers and Timothy Matula (the "Defendants"). The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5).

The Complaint alleges that Defendants issued a series of false and misleading financial statements which did not comply with generally accepted accounting principles. Specifically, Defendants incorrectly reported Topaz' financial position by, inter alia: overstating inventory, understating allowances for doubtful accounts and improperly recognizing revenue. As a result of defendants' conduct, plaintiff and Class members purchased Topaz shares at artificially inflated prices and were damaged thereby.

Plaintiff seeks to recover damages on behalf of the Class and is represented by the law firm of Stull, Stull & Brody which has significant experience and expertise in prosecuting class actions on behalf of investors.

If you are a member of the Class described above, you may, no later than February 16, 2004, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action, or have any questions concerning this notice, or your rights with respect to this action, please contact the following:

    Michael D. Braun, Esq.
    Stull, Stull & Brody
    Telephone: 310-209-2468
    Toll-free: 888-388-4605
    E-mail: info@secfraud.com
    Web site: www.secfraud.com