BOSTON, March 3 (Reuters) - ACT Manufacturing Inc and
certain of its officers were named in a shareholder lawsuit
alleging that the company misled investors about its financial
condition, attorneys for the plaintiff said Tuesday.
The civil suit, which seeks class-action status, was filed
February 27 in the U.S. District Court for the District of
Massachusetts on behalf of all persons who purchased ACT common
stock between October 1, 1997, and February 25, 1998.
In a statement, the plaintiff's attorneys said the
complaint alleged that ACT's financial statements during the
recent period did not accurately reflect the company's true
financial position and results of operations.
ACT officials were not immediately available Tuesday to
comment.
The plaintiff, Shashi Mirpuri, seeks to recover unspecified
damages and is represented by the law firms of Gilman and
Pastor LLP of Boston and Wechsler Harwood Halebian & Feffer LLP
of New York.
Mirpuri purchased about 600 shares during the period cited
in the complaint, an attorney acting on his behalf said.
On February 25, ACT announced it had postponed reporting
its fourth-quarter and full-year results, citing a "significant
shortfall in inventory" that it expected will have "a material
impact on operating results."
On February 26, ACT's stock plunged nearly four points to
12-5/8 from its February 25 closing price of 16-1/2. The stock
also had a sharp fall to 19-13/16 from 32-7/8 in mid-October.
ACT hit a high of 48 in August last year.
Late Tuesday, ACT's stock was trading down 3/16 at 11-9/16
on Nasdaq. |
