Craig, Kerry etc,
Look what the cat dragged in. I wouldn't spend time mulling
Kinnard's 8 cents estimate for 1998.
Herb Herman
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Photran, Kinnard named in class lawsuit
MINNEAPOLIS, May 21 (Reuter) - Photran Corp has been named
in a class action lawsuit alleging it overstated earnings and
revenues and issued false and misleading statements, according
to a statement by the attorneys for shareholders.
The lawsuit was filed on Tuesday in the U.S. District Court
for the District of Minnesota.
The suit also names John G. Kinnard & Co. Kinnard was an
underwriter of Photran's initial public offering in May 1996.
Charles H. Johnson & Associates PA and Lockridge Grindal
Nauen & Holstein PLLP are the attorneys for the plaintiffs,
according to the statement.
"Specifically, the complaint alleges that Photran
materially overstated revenues, income and accounts receivable
for the first, second and third quarters of 1996 in publicly
disseminated financial statements," including an IPO filing
with the Securities and Exchange Commission, the attorneys
said. A Photran spokeswoman said the company could not comment
because it had not received any information on the suit.
In March, Photran conducted an internal investigation of
certain financial and accounting irregularities, and later
restated its 1996 interim results. Its president and corporate
secretary resigned. Photran said the SEC had also investigated the alleged irregularities.
Earlier this month, Photran was served with a lawsuit
against the company, its former chief executive and certain
Photran officers and directors. At the time, Photran said it
denied the plaintiffs were entitled to any relief.
Photran provides electrically conductive thin film and
optical products for televisions and computer monitors.
REUTER
Rtr 19:44 05-21-97 |
