There must be better things to do on a Friday
night than count S3 insider and fraud lawsuits..
But here it comes again guys and gal..
This time its from the most respected ambulance chasing team
of Spector and Roseman of Philly fame... "who have
expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. "
Ouch... not that F word again. It hasn't been proven yet.
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Spector & Roseman, P.C. Announces Class Action Suit Filed Against S3 And Its Officers and Directors Alleging Fraud and Insider Trading
PHILADELPHIA, Nov. 7 /PRNewswire/ -- A securities class action has been commenced in the United States District Court for the Northern District of California on behalf of those who purchased S3, Inc. (Nasdaq:SIII) (''S3'') common stock during the period July 15, 1996, to November 3, 1997 (''Class Period'').
The complaint alleges that during the Class Period, S3 and its senior executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements about S3's operations, customers, and future prospects. The complaint charges defendants with concealing the fact that S3 had improperly recognized sales to several international distributors. Thus, on November 3, 1997, the Company announced that as a result of the improper revenue recognition, it expected to restate its revenues downward for ''prior quarters'' by a commutative total of between $40 million and $70 million and expects the resulting net income effect for those quarters to be a commutative decrease of 14 cents to 29 cents per share. As a consequence of defendants' improper accounting, S3's financial statements for these ''prior quarters'' were false and presented in violation of Generally Accepted Accounting Principles.
The complaint alleges that the defendants' false statements artificially inflated the price of S3 stock which enabled S3 insiders to sell millions of dollars worth of their own S3 stock at inflated levels before the defendants revealed the revenue recognition. Following these disclosures, the price of S3 stock fell to $7-11/32 per share from a Class Period high of $23 per share.
The plaintiff seeks to recover damages on behalf of all purchasers of S3 common stock during the Class Period (the ''Class''). He is represented by the law firm, Spector & Roseman, P.C., who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Spector & Roseman, P.C., located in Philadelphia, Pennsylvania, and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm, which has been appointed lead counsel in numerous major class actions, concentrates particularly in securities litigation, primarily representing shareholders in both class and derivative actions, and primarily representing plaintiffs in antitrust litigation. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
If you are a member of the Class described above, you may, no later than 60 days from today, move the Court to serve as lead plaintiff of the Class, 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 or interests, please contact plaintiff's counsel, Robert M. Roseman at Spector & Roseman, collect at 215-864-2400 or via e-mail at spro@voicenet.com |
