Ouch, more like Down-Gap in Am on this news.
Monday December 13, 6:50 pm Eastern Time
Company Press Release
Class Action Complaint Against Tyco International Ltd. and Certain of Its Officers and Directors Alleging Violations of Federal Securities Law Filed by Rabin & Peckel LLP
NEW YORK--(BUSINESS WIRE)--Dec. 13, 1999--The following is an announcement by the law firm of Rabin & Peckel LLP:
A class action complaint has been filed in the United States District Court for the District of New Hampshire on behalf of all persons or entities who purchased or otherwise acquired the common stock of Tyco International Ltd. (``Tyco' or the ``Company')(NYSE:TYC - news) between Oct. 1, 1998 through Oct. 29, 1999, inclusive (the ``Class Period').
The Complaint alleges that Tyco and certain of its officers violated the Securities Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. During the Class Period, the Company improperly recorded acquisitions using the ``pooling of interests' accounting method which resulted in inflating the Company's financial results. In addition, the complaint alleges that during the Class Period, defendants Kozlowski and Swartz, sold the company's common stock while in possession of material non-public information. At the end of the Class Period, it was revealed that the Company had improperly accounted for its acquisitions. In addition, on Dec. 9, the Company announced that it had been advised by the Securities and Exchange Commission (the ``SEC') that the SEC had commenced an inquiry into Tyco's accounting practices. The Complaint alleges that as a result of these false and misleading statements the price of Tyco common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Tyco common stock during the Class Period described above, you may, no later than Feb. 7, 2000, move the Court to serve as lead plaintiff. 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 announcement, or your rights or interests, please contact plaintiff's counsel, Elana M. Bourkoff, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, by e-mail at email@rabinlaw.com, or at the website at www.rabinlaw.com. |
