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Non-Tech : American Banknote Holographics, Inc.(ABH) -- Ignore unavailable to you. Want to Upgrade?


To: Russ Motter who wrote (4)1/20/1999 3:49:00 PM
From: Justice Reed  Read Replies (1) | Respond to of 51
 
Purchasers 7/14/98 - 1/15/99

On January 19, 1999, American Bank Note Holographics, Inc. revealed that its entire reported financial history as a public company (the second and third quarters of 1998) had been materially overstated due to "inappropriate revenue recognition" and that these quarters would be restated. Upon receipt of news of the restatement, American Bank Note Holographics' stock fell from its January 19, 1999 close of $15.125 to a January 20, 1999 close of $4.625, losing 69.4% of its value in a single day's trading.

If you purchased ABH shares during the period 7/14/98 - 1/15/99, you may be a member of a class of injured shareholders. If you have information which would help us prosecute American Bank Note Holographics, Inc., please contact us at mail@schubert-reed.com. If you want more information about American Bank Note Holographics, Inc. or class action lawsuits, please review our web site at schubert-reed.com.



To: Russ Motter who wrote (4)1/21/1999 1:01:00 AM
From: Mahatmabenfoo  Respond to of 51
 
> ABH @ 4 1/2 a bargain?

I hope so. I put in a buy order.

But I suppose it depends on what we ultimately learn.

- Was ABH profitable, just not as profitable as it claimed?

- Were the earnings misstatements the result of honest mistakes by lower employees, or evidence of serious mismanagement or corruption or both?

- Did the fraud begin only after the company went public?

Uncertainty on these questions may keep the stock low for awhile, and the wrong answers could do worse than that.

- Charles



To: Russ Motter who wrote (4)1/26/1999 1:23:00 PM
From: caly  Read Replies (1) | Respond to of 51
 
ABH @ 4 1/2 a bargain?

How about 1 11/16? Hope so.



To: Russ Motter who wrote (4)3/11/1999 12:58:00 PM
From: bdave1  Respond to of 51
 
What is the deal with the lawsuit. I saw this notice the other day:

New York --March 3, 1999 -- 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.