Cyber-Care, Inc. Misled Investors According to Class Action Lawsuit Filedby Gallagher Sharp Fulton & Norman
CLEVELAND, May 30 /PRNewswire/ -- Gallagher Sharp Fulton & Norman announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of investors who purchased shares of the common stock of Cyber-Care, Inc. ("Cyber-Care" or the "Company") (Nasdaq: CYBR) between October 12, 1999 and May 12, 2000 (the "Class Period").
Cyber-Care describes itself as a "technology-assisted disease management company." The complaint charges Cyber-Care and the Company's Chairman and CEO, Michael F. Morrell, with violations of the federal securities laws by, among other things, making materially false and misleading statements. Specifically, defendants issued press releases touting sales and customer interest in the Company's Internet Electronic Housecall System, ("EHS"), despite not having the required Food and Drug Administration approval to market and sell EHS and despite the financial inability of many of the purported customers to purchase the number of EHS units indicated. The text of the specific press releases referenced in the complaint from February 26, 2000 to date can be obtained at biz.yahoo.com . Specific dates of press releases referenced in the complaint include, but are not limited to: October 12, 1999; December 10 & 20, 1999; January 13, 2000; February 4, 24 & 28, 2000; and March 21 & 22, 2000. After having traded as high as $37.00 per share during the Class Period, Cyber-Care's common stock fell as low as $5.60 per share after the true facts were disclosed.
If you purchased shares of Cyber-Care common stock between October 12, 1999 and May 12, 2000, and if the Court certifies the Class as defined in the Complaint, you may be a member of the proposed Class and need do nothing further at this time. You have two other options, however. You may choose to file your own Action, or you may seek to serve as a Lead Plaintiff. Lead Plaintiffs are selected by the Court and are responsible for overseeing the prosecution of the Action and ensuring that the interests of the Class are protected. Courts often select shareholders who have sustained large losses to serve as Lead Plaintiffs. Anyone wishing to serve as Lead Plaintiff must file a motion with the Court by July 18, 2000.
Anyone interested in learning more about this Action, the role of a Lead Plaintiff or serving as a Lead Plaintiff in this securities class action may contact Daniel Karon, Esquire toll free at (800) 229-5310 or by e-mail at dkaron@gsfn.com .
The attorneys at Gallagher Sharp Fulton & Norman in Cleveland, Ohio are experienced in representing individuals and business entities in consumer, antitrust and securities fraud class actions in courts throughout the United States.
SOURCE Gallagher Sharp Fulton & Norman
CO: Gallagher Sharp Fulton & Norman; Cyber-Care, Inc.
ST: Ohio
IN: MTC CPR
SU: LAW
05/30/2000 10:45 EDT prnewswire.com |
