Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (1717)	7/13/1998 11:23:00 PM
From: Kevin Podsiadlik	Read Replies (1) of 18998

Sirrom Capital is sued by shareholders NEW YORK, July 13 (Reuters) - A lawsuit filed Monday against Sirrom Capital Corp. alleges certain officers and directors of the company issued materially false and misleading statements about its business, operations and credit-quality trends, lawyers for the plaintiffs said. The suit, seeking class-action status, was filed in U.S. District Court for the Middle District of Tennessee on behalf of individuals who bought Sirrom shares between March 5 and July 9, the lawyers said. On July 10 Sirrom shares fell about 35 percent after the specialty finance company said it would take a write-off because some of the small-cap companies it loaned money to had fared poorly. The stock subsequently slipped to 16-3/8, erasing about $355 million from the company's prior market capitalization of $1.01 billion. The suit alleges the price of Sirrom shares was artificially inflated during the period before the announcement, the lawyers said. It contends that certain officers and directors of Sirrom took the opportunity to sell significant amounts of the company's stock before the disclosure, generating proceeds of more than $42 million, they said. The plaintiffs are represented by the law firm Milberg Weiss Bershad Hynes & Lerach LLP, Wohl & Entwistle LLP and Chernau, Chaffin & Burnsed. On Monday, the stock closed down 1-7/16 at 14-13/16. Company officials were not immediately available for comment. [Ed. note: I know a certain judge who might want to hear this suit...)

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