Purchasers 4/28/97 - 2/24/99
On February 24, 1999, TwinLab Corp. admitted that revenues for the first three quarters of fiscal 1998, as well as certain quarters in fiscal 1997, were misstated due to the improper recognition of revenue during those periods. It announced the following revisions for fiscal 1998 and indicated that further adjustments would be forthcoming for fiscal 1997 (net income and per-share figures are pro forma and, for the second and third quarters, exclude extraordinary charges): Q1: Revenues revised down to $74.7 million from $78.5 million, earnings revised down to $7.7 million from $8.8 million, earnings per share revised down to $0.27 from $0.31. Q2: Revenues revised down to $83.3 million from $84.3, earnings revised down to $8.9 million from $9.2 million. Q3: Revenues revised down to $84.4 million from $90.6 million, earnings revised down to $8.2 million from $10.2 million, earnings per share revised down to $0.25 from $0.31. On news of the restatement, TwinLab stock fell to a close of $7 on February 24, 1999, from its February 23, 1999, close of $9.50, losing 26.3% of its value in a single day's trading.
If you purchased TWLB shares during the period 4/28/97 - 2/24/99, you may be a member of a class of injured shareholders. If you have information which would help us prosecute TwinLab Corp., please contact us at mail@schubert-reed.com. If you want more information about TwinLab Corp. or class action lawsuits, please review our web site at schubert-reed.com. |
