Here's the first of many to come:
Savett Frutkin Podell & Ryan, P.C. Files Class Action Against AgriBioTech, Inc
PHILADELPHIA--(BUSINESS WIRE)--Jan. 25, 1999--Savett Frutkin Podell & Ryan, P.C. hereby gives notice that a class action complaint has been filed in the United States District Court for the Southern District of New York on behalf of a Class of persons who purchased the common stock of AgriBioTech, Inc. (NASDAQ: ABTX) (AgriBioTech" or the "Company") at artificially inflated prices during the period October 8, 1998 through January 22, 1999 (the "Class Period") and who were damaged thereby.
The Complaint alleges that defendants, AgriBioTech and its Chairman and Chief Executive Officer, Johnny R. Thomas, violated the federal securities laws (Section 10(b) and 20(a)of the Securities Exchange Act of 1934) by misrepresenting or failing to disclose material information about the status of AgriBioTech's efforts to find a buyer for the company, including the possible price range and time frame.
As a result of defendants' false and misleading statements and omissions, the price of AgriBioTech's stock was artificially inflated during the Class Period. On January 22, 1999, after the close of trading, the Company announced that it had abandoned its efforts to find a buyer and would only continue to make acquisitions on an "opportunistic basis."
Savett Frutkin Podell & Ryan, P.C. has extensive experience representing shareholders in class actions and has successfully recovered hundreds of millions of dollars for defrauded investors and shareholders.
The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex class action litigations.
Any member of the proposed Class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than sixty (60) days from January 25, 1999 or March 26, 1999.
Class members must meet certain legal requirements to serve as a lead plaintiff. If you purchased AgriBioTech (ABTX) stock during the Class Period or have questions or information regarding this action or your rights, you may call or write:
CONTACT: Barbara A. Podell, Esquire
SAVETT FRUTKIN PODELL & RYAN, P.C.
325 Chestnut Street, Suite 700
Philadelphia, PA 19106
Telephone: 800/993-3233
E-mail: sfprpc@op.net
CONTACT:
Savett Frutkin Podell & Ryan, P.C.
Barbara A. Podell, Esquire
Telephone: 800/993-3233
E-mail: sfprpc@op.net
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