Class Action Lawsuit against Presstek. See Below.
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SECURITIES CLASS ACTION FILED BY BILL BERKE ON BEHALF OF CLASS OF SHAREHOLDERS AGAINST PRESSTEK AND OTHERS
BOSTON, June 28 -- On June 28, 1996, a securities class
action was filed in the United States District Court for the District of
New Hampshire against Presstek, Inc. (Nasdaq: PRST), seven principal
executive officers and/or directors of Presstek, namely Glenn
DiBenedetto, Bert DePamphilis, Lawrence Howard, Robert Howard, Harold
Sparks, Robert Verrando and Richard Williams and Presstek's accountants,
BDO Seidman, LLP. The complaint alleges that Presstek's audited
financial statements for the year ended December 30, 1995 and the
financial statements for the quarter ended March 30, 1996 were false and
misleading. Specifically, the complaint alleges that the representation
in the 1995 audited financial statements that Presstek's net income in
1995 was $2,859,628 and its net income per share was $.18 was false and
deceptive, and that in fact Presstek's 1995 net income was approximately
$1,566,628 and its net income per share was approximately $.10. The
complaint also alleges, as Presstek has already admitted, that
Presstek's previously reported net income and net income per share for
its quarter ended March 30, 1996 of $2,059,414 and $.12 respectively was
false and deceptive and that Presstek's net income and net income per
share in the quarter was in fact $1,289,414 and $.08 respectively. The
complaint alleges causes of action against the defendants for their
violations of Sections 10(b) and 20(a) of the Securities and Exchange
Act of 1934.
The class action has been brought by Bill Berke on behalf of a class
of all persons or entities who purchased common stock of Presstek, Inc.
during the period between February 27, 1996 and June 17, 1996. The case
is named Berke v. Presstek, Inc., et al, No. C-96-347-M. Any party who
wishes to intervene in the suit has a right to do so within sixty days
of the filing of the Complaint.
The plaintiff is represented in this action by the Boston law firm
of Shapiro Grace Haber & Urmy, whose offices are located at 75 State
Street, Boston, Massachusetts 02109. Shapiro Grace Haber & Urmy is a
law firm with substantial experience and expertise in prosecuting
securities class actions on behalf of defrauded investors.
Any person with questions regarding the case or who are interested
in intervening in the action, should call or write to Attorney Edward F.
Haber, Attorney Thomas G. Shapiro or Attorney Janet M. McGarry at
Shapiro Grace Haber & Urmy, 75 State Street, Boston, Massachusetts
02109, telephone 617-439-3939, facsimile 617-439-0134 or internet
shul@ix.netcom.com.
-0- 6/28/96
/CONTACT: Thomas Shapiro or Janet M. McGarry of Shapiro Grace Haber
& Urmy, 617-439-3939/
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