***************BAD BOY BROKER NEWS****************************** You are responding to this message from XXNJRDJ on Dec 10 1998 3:07PM EST
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Thursday December 10, 1:16 pm Eastern Time
Company Press Release
Chimicles & Tikellis LLP and Wolf Haldenstein Announce Class Action Against Bear, Stearns & Company
NEW YORK--(BUSINESS WIRE)--Dec. 10, 1998--
Chimicles & Tikellis LLP and Wolf Haldenstein
Announce Class Action Against Bear, Stearns & Company
a Subsidiary of the Bear Stearns Companies for Violations
of the Federal Securities Laws
On December 8, 1998, Chimicles & Tikellis LLP and Wolf Haldenstein Adler Freeman & Herz LLP commenced a class action lawsuit in the United States District Court for the Southern District of New York against Bear, Stearns & Company, Inc. and Bear Stearns Securities Corp., subsidiaries of The Bear Stearns Companies (NYSE:BSC - news), and Richard Harriton (collectively, ''Defendants'') on behalf of all purchasers of any of the common stock listed below (the ''Securities'') through the brokerage houses listed below (the ''Brokerages'') for which Bear Stearns provided clearing services during the period July 1, 1991, through the present (the ''Class Period'').
If you purchased any of the Securities during the class period or wish to discuss this action, please contact Chimicles & Tikellis LLP at 800/931-0528 or Wolf Haldenstein at 800/575-0735.
The complaint alleges that defendants, since as early as 1991, provided clearing services and financing for the Brokerages, including:
A.R. Baron & Co., Inc.
D. Blech & Co.
Corporate Securities Inc.
First Cambridge Securities Corp.
Hillcrest Financial Corp.
A/K/A HFC Capital Corp.
Josephthal, Lyon & Ross, Inc.
Kensington Wells Incorporated
Lew Lieberbaum & Co.
Meyers Pollock Robbins, Inc.
Nobel International Investments, Inc.
Paragon Capital, PCM Securities
Rooney-Pace Inc.; Securities Corp.
Sterling Foster & Co.
Stratton-Oakmont, Inc.
Defendants provided the aforesaid services in regard to the
Securities, usually new issues and securities for which the Brokerages
acted as market makers, including the following current and defunct
companies:
Advanced Surgical Inc.
Advanced Voice Technologies, Inc. (OTC BB:HMWKE - news)
Applewoods Inc. (NASDAQ:APWD - news)
Ariad Pharmaceuticals Inc. (NASDAQ:ARIA - news)
BioSepra, Inc. (NASDAQ:BSEP - news)
Bristol Technology Systems, Inc.
Chemex Pharmaceuticals Inc. later
known as Access Pharmaceuticals (OTC BB:AXCS - news)
Children's Wonderland, Inc.
Cypros Pharmaceuticals Corp.
Com/Tech Communication
Technologies Inc. (OTC BB:CMTK - news)
DNA Plan Technology Inc.
Ecogen Inc. (NASDAQ:EECN - news)
Embryo Development Corporation (NASDAQ:EMBR - news)
Envirogen Corp. (NASDAQ:ENVGD - news)
First Team Sports Inc. (NASDAQ:FTSP - news)
Genemedicine, Inc. (NASDAQ:GMED - news)
Globus Group, Inc. (OTC BB:GBUS - news)
Guilford Pharmaceuticals Inc. (NASDAQ:GLFD - news)
HemaSure, Inc. (OTC BB:HMSR - news)
ICOS Corp. (NASDAQ:ICOS - news)
IFS International Inc. (NASDAQ:MNYC - news)
Innovair Laboratories Inc.
Intelligent Surgical Lasers, Inc. later known
as Escalon Medical Corp. (NASDAQ:ESMC - news)
Iatros Health Network Inc. (NASDAQ:IHNI - news)
La Jolla Pharmaceutical Co. (NASDAQ:LJPC - news)
Lasergate Systems, Inc. (OTC BB:LSGT - news)
Liposome Technology Inc.
LXR Biotechnology Corp. (AMEX:LXR - news)
ML Direct Inc. (OTC BB:MLDR - news)
Microprobe Corp. later known as Epoch
Pharmaceuticals (OTC BB:EPPH - news)
Ministor Peripherals International LTD (OTC BB:MINSF - news)
Neoprobe Corp. (NASDAQ:NEOP - news)
NeoRx Corp. (NASDAQ:NERX - news)
Neurogen Corp.(NASDAQ:NRGN - news)
New Vision Technology Corp. later known
as Sight Resource Corp. (NASDAQ:VISN - news)
Nu-tech Bio-Med Inc. (OTC BB:NTBM - news)
Pacific Animation Imaging Corp.
later known as Strategic Solutions Group (OTC BB:SSGI - news)
Paperclip Imaging Software Inc. (OTC BB:PCLP - news)
Symbollin, Inc.
Pharmos Corp. (NASDAQ:PARS - news)
Procept Inc. (NASDAQ:PRCT - news)
Texas Biotechnology Corp. (AMEX:TXB - news)
Voxtel Advanced Mammography
Systems Inc.
Xechem International, Inc. (OTC BB:ZKEM - news)
Xybernaut Corporation (NASDAQ:XYBR - news)
The Complaint alleges that the activities of Defendants exceeded
mere processing of customer trades for the Brokerages and became
direct participants in a course of conduct which violated the
anti-fraud provisions of the federal securities laws and common law.
Specifically, the Complaint charges Defendants with violations of
Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange
Act") and Rule 10b-5 promulgated thereunder as well as Section 20(a)
of the Exchange Act. The Complaint alleges that Defendants
participated directly in a continuing course of conduct, which was
intended to and did artificially inflate the price of the Securities
and which manipulated or maintained the market for the Securities sold
by the Brokerages in transactions in which Defendants provided
financial or clearing services. In addition, the Complaint charges
Defendants with breach of contract and common law fraud and deceit in
regard to these same transactions.
Plaintiff seeks to recover damages on behalf of the class members
and is represented by the law firms of Chimicles & Tikellis LLP, One
Haverford Centre, 361 West Lancaster, Haverford, PA 19041-0100,
800/931-0528 and Wolf Haldenstein 270 Madison Avenue, New York, NY
10016, 800/575-0735. Both firms have extensive experience in the
prosecution of securities class actions and derivative litigation in
state and federal trial and appellate courts across the country. The
reputation and expertise of these firms in shareholder and other class
litigation has been repeatedly recognized by the courts, which have
appointed them to major positions in complex securities multi-district
and consolidated litigation.
If you are a member of the class described above, you may, not
later than sixty days from December 10, 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 satisfy certain legal requirements.
If you wish to discuss this action, join in this action, or have
any questions concerning this notice or your rights or interests with
respect to these matters, please contact Chimicles & Tikellis LLP at
800/931-0528 by Nicholas E. Chimicles, Esq., Candice L.H. Hegedus,
Esq., Robert J. Kriner, Jr., Esq. or Denise Davis Schwartzman, Esq.
(chimicles@aol.com) or Wolf Haldenstein at 800/575-0735
(classmember@whafh.com) by Michael Miske, Jeffrey G. Smith, Esq.
(smith@whafh.com) Gregory Mark Nespole, Esq. (nespole@whafh.com or
gnespole@aol.com) or visit the Wolf Haldenstein web site at
www.whafh.com.
All e-mail correspondence should reference Bear Stearns.
--------------------------------------------------------------------------------
Contact:
Wolf Haldenstein
800/575-0735
Michael Miske
e-mail: classmember@whafh.com
Jeffrey G. Smith, Esq.
e-mail: smith@whafh.com
Gregory Mark Nespole, Esq.
e-mail: nespole@whafh.com
e-mail: gnespole@aol.com
www.whafh.com
or
Chimicles & Tikellis LLP
800/931-0528
Nicholas E. Chimicles, Esq.
Candice L.H. Hegedus, Esq.
Robert J. Kriner, Jr., Esq.
Denise Davis Schwartzman, Esq.
e-mail: chimicles@aol.com
--------------------------------------------------------------------------------
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