Class Action Commenced by Kaufman Malchman Kirby & Squire, LLP, Against S3 Incorporated
PR Newswire, Monday, November 10, 1997 at 20:45
NEW YORK, Nov. 10 /PRNewswire/ -- The following was issued today by
Kaufman Malchman Kirby & Squire, LLP:
TO: All Persons or Institutions Who Purchased Common Stock of
S3 Incorporated Between July 15, 1996 and November 3, 1997
You are hereby notified that a class action complaint has been filed in
the United States District Court for the Northern District of California on
behalf of all purchasers of S3 Incorporated (NASDAQ:SIII) ("S3") common stock
between July 15, 1996 and November 3, 1997, inclusive (the "Class Period").
The complaint charges S3 and certain of its officers and directors with
violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934,
15 U.S.C. Sec. 578J(b) and 78t, and Rule 10b-5. Among other things,
plaintiffs claim that defendants issued materially false and misleading
statements regarding S3's operations, customers, and future prospects, which
drove S3 common stock to artificially inflated prices during the class period.
Following S3's November 3, 1997 disclosures of earnings restatements, the
price of S3 stock fell to $7-11/33 per share from a class period high of
$23 per share. As a consequence of defendants' improper accounting, S3's
financial statements for prior quarters were false and presented violations of
Generally Accepted Accounting Principles.
Plaintiffs seek to recover damages on behalf of themselves and all other
purchasers of S3 common stock during the Class Period, excluding the
defendants and their affiliates, and are represented by, among other firms,
Kaufman Malchman Kirby & Squire, LLP. Kaufman Malchman has specialized in
complex litigation, including securities and consumer class actions for
more than half a century. It has repeatedly demonstrated its expertise in
this field, and has been repeatedly recognized by various courts which have
appointed the firm to major positions in consolidated and multi-district
litigation. Its achievements and quality of service have been chronicled in
published decisions, and the firm's efforts have been responsible for
significant recoveries, or injunctive relief, for its clients and class
members.
If you are a member of the Class described above, you may, not later than
January 7, 1998, move the Court to serve as lead plaintiff of the Class, if
you so choose. In order to serve as lead plaintiff, however, you must meet
certain legal requirements. If you wish to discuss this action, or have any
questions concerning this notice or your rights, please contact:
Jeffrey H. Squire, Esq.
Ira M. Press, Esq.
KAUFMAN MALCHMAN KIRBY & SQUIRE, LLP
919 Third Avenue, 11th Floor
New York, New York 10022
212-371-6600 or KMKSLAW@AOL.COM
SOURCE Kaufman Malchman Kirby & Squire, LLP
-0- 11/10/97
/CONTACT: Jeffrey H. Squire, Esq., or Ira M. Press, Esq., of Kaufman
Malchman Kirby & Squire, 212-371-6600 or KMKSLAW@AOL.COM / |
