This may be old news to you, if so ignore it.
Friday February 12, 9:30 pm Eastern Time
Company Press Release
SOURCE: Law Offices of Steven E. Cauley, P.A.
Fraud Lawsuit Filed for Purchasers of AgriBioTech
LAS VEGAS, Feb. 12 /PRNewswire/ -- The Law Offices of Steven E. Cauley, P.A. announce that a securities fraud class action lawsuit has been filed in United
States District Court in Albuquerque, New Mexico on behalf of all purchasers of all securities of AgriBioTech Inc. (Nasdaq: ABTX - news; ''AgriBioTech'')
between September 24, 1997 and August 26, 1998 (the ''Class Period'').
The complaint alleges that during Fiscal Years 1997-1998, AgriBioTech reported favorable financial results with strong revenue growth and profitability causing the
Company's stock to trade at artificially inflated levels, and as high as $29-1/2. According to the complaint, AgriBioTech's reported revenues were, as a result of the
manipulations, overstated by 20% in Fiscal Years 1997-1998 and the loss it had actually incurred for Fiscal Years 1997-1998 was converted into a profit.
Ultimately, AgriBioTech was forced by the SEC to change its accounting practices with regard to acquisitions and to disclose the extent of its accounting
manipulations in prior quarters. Upon these startling revelations, AgriBioTech's stock price declined to $8-1/8 per share, a more than 71% reduction from its Class
Period high of $29-1/2. Investors who purchased shares of AgriBioTech during the Class Period paid too much and may be able to recover for their losses,
according to the complaint.
This lawsuit has been filed by lawyers with substantial experience in representing investors in securities fraud class action lawsuits such as this. If you would like to
serve as lead plaintiff in this lawsuit filed under the Securities Exchange Act of 1934, you must so move the court. If you have any questions regarding this lawsuit or
how you may be able to recover for the losses you have incurred, please E-mail or call one of the following:
Steven E. Cauley
Scott E. Poynter
LAW OFFICES OF STEVEN E. CAULEY, P.A.
2200 N. Rodney Parham Road, Suite 218
Little Rock, AR 72212
Toll Free: 1-888-551-9944
E-mail: cauleypa@aol.com
SOURCE: Law Offices of Steven E. Cauley, P.A.
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