Rabin & Peckel LLP Files Class ActionAgainst Nanophase Technologies Corp. and Certain of its Officers andDirectors, and the Lead Underwriters of its Initial Public OfferingAlleging Violations of Federal Securities Law
June 8, 1998 07:27 PM
NEW YORK--(BUSINESS WIRE)--June 8, 1998--A putative class action has been filed in the United States District Court for the Central District of Illinois on behalf of a class of purchasers of Nanophase Technologies Corporation NANX common stock on or traceable to the company's initial public offering of 4,000,000 shares, from Nov. 26, 1997, through Jan. 8, 1998, inclusive (the "Class Period").
The complaint alleges that Nanophase and certain of its officers and directors and the lead underwriters of its initial public offering violated the Securities Act of 1933 by omitting to state material facts necessary to make the statements contained in the Prospectus not misleading. In particular, it is alleged that the Prospectus failed to disclose that while revenue had increased every quarter prior to the Offering, it was virtually certain to decrease in the quarter in which the Offering took place, a certainty known to Nanophase because sales orders are submitted to Nanophase at least three months prior to shipment. The complaint alleges that as a result of these material omissions, class members were damaged.
Plaintiff is represented by the law firms of Rabin & Peckel LLP and Futterman & Howard, Chtd. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased Nanophase common stock during the Class Period described above, you may no later than 60 days from June 5, 1998 move the court to serve as lead plaintiff, if you so choose. To serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this announcement or your rights or interests, please contact plaintiff's counsel, Joseph V. McBride or Donald J. Wallace, Rabin & Peckel, LLP, 275 Madison Avenue, New York, N.Y. 10016, by telephone at 800/497-8076 or 212/682-1818, by facsimile at 212/682-1892, or by e-mail at rabinlaw@ix.netcom.com, or Michael I. Behn, Futterman & Howard, Chtd., 122 South Michigan Avenue, Suite 1850, Chicago, Illinois 60603, by telephone at 312/427-3600, by facsimile at 312/427-1850, or by e-mail at fhlaw@ibm.net. |
