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Biotech / Medical : Chromatics Color Sciences International. Inc; CCSI
CCSI 26.66-1.8%Oct 29 3:59 PM EDT
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To: JanyBlueEyes who wrote (5671)4/27/2000 12:42:00 PM
From: JanyBlueEyes   of 5736
 
Lawsuit History

The lawsuit was brought about "on behalf of all purchasers of the common stock of the Company, between July 30, 1997 and June 9, 1998.....The complaint alleges that the Company "embarked upon a scheme" to inflate the price of the Company's Common Stock by making false and misleading statements concerning:

(i) the new and innovative nature of the Company's ColorMate(Registered Trademark) TLc-BiliTest(Registered Trademark) System;

(ii) the market size and revenue potential of the ColorMate(Registered Trademark) TLc-BiliTest(Registered Trademark) System; and

(iii) the existence and status of negotiations with potential distributors of the ColorMate(Registered Trademark) TLc-BiliTest(Registered Trademark) System.

The allegations of the complaint arise principally from a "report" prepared by Manuel I. Asensio of Asensio & Company, Inc. that was disseminated at the close of the putative class period...."

"the court found that, regarding each of the company's statements at issue, "plaintiffs have either not sufficiently specified the reasons that the statements were misleading.....or failed to specify a reason that would be actionable under Section 10(b)."

Addressing several of the allegations of false statements, the court said, "(E)ach of the allegedly false statements....is a factual statement whose truth is not in question.

None of the statements were statements of optimism or even statements about promises regarding the future. They were factual statements about past events which included no promises as to the future and as such, plaintiffs have not adequately explained the basis on which the statements were false and misleading when made."
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