Here's news about American Bank Note Holographics ---
NEW YORK--(BUSINESS WIRE)--March 3, 1999--
Bernstein Litowitz Berger & Grossmann LLP today announced the
following:
Bernstein Litowitz Berger & Grossmann LLP hereby gives notice
that on January 26, 1999, a class action lawsuit was filed in the
United States District Court for the Southern District of New York, on
behalf of all purchasers of American Bank Note Holographics Inc.
(NYSE:ABH) ("American Bank Note" or the "Company") common stock during
the period July 14, 1998 through January 15, 1999 inclusive (the
"Class Period") against American Bank Note and certain officers and
directors of the Company.
The complaint alleges that defendants violated Sections 11 and 15
of the Securities Act of 1933 and Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 by making material misrepresentations
in the Registration Statement and Prospectus that was filed with the
SEC and distributed to investors in connection with the initial public
offering ("IPO") on July 14, 1998. Pursuant to the IPO, American Bank
Note sold more than 13.6 million shares of common stock to investors,
realizing proceeds of more than $106 million. On January 19, 1998,
prior to the opening of the market, the Company announced that (i)
sales and net income for the second and third quarters of 1998 -- the
Company's entire history as a public company -- had been materially
overstated; (ii) as a result of these accounting misstatements, the
Company would restate its publicly reported results for the second and
third quarters. The Company also announced that it had retained an
outside law firm and its outside auditors to conduct an investigation
into the misstatements, and that the results of the investigation
"could impact future results of operations." Additionally, the Company
announced that, as a result of its improper accounting practices,
revenues and net income for the fourth quarter of 1998 would be
"significantly lower" than that of the fourth quarter of 1997.
Following these disclosures, the trading price of the stock dropped
from approximately $15 to less than $5 per share.
Plaintiff is represented by the law firm of Bernstein Litowitz
Berger & Grossmann LLP, which has extensive experience in prosecuting
class actions nationwide on behalf of defrauded investors. The firm
currently plays a leading role in numerous major securities and
complex commercial litigations pending in federal and state courts.
If you wish to discuss this Action or have any questions
concerning this notice or your rights or interests in connection
therewith, please contact Robert S. Gans, a partner of Bernstein
Litowitz Berger & Grossmann LLP at (800) 380-8496 or (212) 554-1400 or
by E-mail: robert@blbglaw.com.
If you are a member of the Class described above, you may, not
later than March 22, 1999, move the Court to serve as lead plaintiff
for the class, if you so choose. In order to serve as lead plaintiff,
however, you must meet certain legal requirements. If you wish
detailed information about the firm or have any questions concerning
your rights or interests in this case, please visit our website at
blbglaw.com.
--30--bh/ny*
CONTACT: Bernstein Litowitz Berger & Grossmann LLP, New York
Ava C. Thorin, 212/554-1429 |
