It was just a matter of time:
Friday March 27, 8:00 am Eastern Time
Company Press Release
Wechsler Harwood Halebian & Feffer LLP File Class Action Against
Graham-Field Health Products, Inc.
NEW YORK--(BUSINESS WIRE)--March 27, 1998--Notice is hereby given that on March 26, 1998, a securities class
action lawsuit was filed in the United States District Court for the Eastern District of New York against Graham-Field Health
Products, Inc. (''GFI'' or the ''Company'') (NYSE: GFI - news) and certain officers of the Company on behalf of purchasers
of common stock during the period September 8, 1997 through March 23, 1998, inclusive (the ''Class Period'').
The complaint alleges that defendants violated the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934) by misrepresenting or failing to disclose material information about the results of operations, financial condition
and future prospects of GFI. The complaint alleges that defendants disseminated false and misleading information that
misrepresented the nature and magnitude of the costs associated with GFI's acquisition of Fuqua Enterprises Inc. As a result of
defendants' false and misleading statements and material omissions, the price of GFI's stock was substantially inflated during the
Class Period, such that persons who purchased common stock during the Class Period were damaged by overpaying for the
stock.
On March 23, 1998, the Company announced that it was taking an additional charge of $36,202,000 for costs associated with
the Fuqua merger and warned that 1998 earnings would be less than a third of analysts' forecasts. Trading in the Company's
stock was suspended for much of the March 23 session. When trading resumed, the stock price dropped nearly 60% to $8
1/16 from its previous close of $19 5/8 on March 20, 1998 and down from a Class Period high of $19 3/4.
Plaintiff seeks to recover damages on her own behalf and on behalf of all purchasers of GFI's common stock. Plaintiff is
represented in this class action by the New York law firm of Wechsler Harwood Halebian & Feffer LLP, which has extensive
experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such
actions. The firm's reputation and expertise in shareholder and other class actions have repeatedly been recognized by the
courts.
If you are a member of the class described above, you may, not later than 60 days from the date of this notice, move the court
to serve as a lead plaintiff, provided you meet certain legal requirements. If you wish to discuss this action, or have any
questions concerning this notice or your rights or interests with respect to this matter, please contact Stuart D. Wechsler, Esq.,
Daniella Quitt, Esq., or Scott A. Kamber, Esq. at Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New
York, New York 10022, by contacting us through our web site at www.whhf.com, by e-mail at skamber@whhf.com, or by
phone at (212) 935-7400. |
