The Pomerantz Firm Announces Class Action Suit Against Cyber-Care Inc
Tue May 30 18:05:00 EDT 2000
NEW YORK, May 30, 2000 /PRNewswire via COMTEX/ -- Pomerantz Haudek Block
Grossman & Gross LLP (http://www.pomerantzlaw.com) is filing a class action suit
against Cyber-Care Inc ("Cyber-Care" or the "Company") (Nasdaq: CYBR) and two of
the Company's senior executives. The case is being filed in the United States
District Court for the Southern District of Florida on behalf of all those who
purchased the common stock or other securities of Cyber-Care during the period
between October 12, 1999 and May 12, 2000, inclusive (the "Class Period").
The Complaint charges that Cyber-Care and its executives violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 by allegedly issuing a series
of false and misleading statements during the Class Period concerning contracts
for its highly touted Internet-based product, "Electronic HouseCall System"
("EHS"), without disclosing that EHS had not received FDA approval, in violation
of FDA rules. Cyber-Care allegedly manipulated its stock price by
misrepresenting the EHS contracts as involving Internet technology, rather than
disclosing that the contracts involved non-Internet systems which may not have
required FDA approval. This was done to allegedly benefit from the market's
strong reaction to all Internet related businesses, and resulted in artificially
inflating the market price of the Company's common stock during the Class
Period.
It is further alleged that Cyber-Care misled the market by not disclosing that a
purportedly independent analyst who issued two research reports with "strong
buy" recommendations for Cyber-Care actually owned shares of the Company's stock
and was employed by Cyber-Care's own marketing firm. As a result of Cyber-Care's
materially false and misleading statements, the market price of the Company's
common stock was artificially inflated during the Class Period. When the market
finally learned of the Company's misrepresentations, the price of Cyber-Care's
common stock fell dramatically.
If you purchased Cyber-Care common stock or other securities during the Class
Period, you have until July 18, 2000 to ask the Court to appoint you as one of
the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must
meet certain legal requirements. If you wish to discuss this action or have any
questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at
888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail.
Those who inquire by e-mail are encouraged to include their mailing address and
telephone number.
The Pomerantz firm is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz
firm pioneered the field of securities class actions. Today, over 50 years
later, the Pomerantz firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion dollar
damages awards on behalf of class members.
The Pomerantz firm's Senior Partner, Stanley M. Grossman, leads a team of legal
professionals who litigate in courts throughout the United States. The Firm,
which has offices in New York and Chicago, affiliates, as necessary, with other
highly qualified counsel throughout the nation. Mr. Grossman, formerly president
of the National Association of Securities and Commercial Attorneys, was recently
invited to testify before the House Subcommittee on Courts and Intellectual
Property concerning the Class Action Jurisdiction Act of 1998. Mr. Grossman
aided congressional assistants in the drafting of this bill.
CONTACT: Andrew G. Tolan, Esq. of Pomerantz Haudek Block Grossman & Gross LLP,
888-476-6529 ((888) 4-POMLAW) or agtolan@pomlaw.com.
SOURCE Pomerantz Haudek Block Grossman & Gross LLP
CONTACT: Andrew G. Tolan, Esq. of Pomerantz Haudek Block Grossman &
Gross LLP, 888-476-6529, 888-4-POMLAW, or agtolan@pomlaw.com
URL: pomerantzlaw.com
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