A qaudfecta:"Class Action Filed by Abbey, Gardy & Squitieri, LLP
ATTENTION OSICOM TECHNOLOGIES INC. (FIBR) INVESTORS; SHAREHOLDER
4/22/99 13:31
Class Action
Filed by the Law Firm of Abbey, Gardy & Squitieri, LLP
NEW YORK, April 22 /PRNewswire/ -- The law firm of Abbey, Gardy &
Squitieri, LLP today released the following:
YOU ARE HEREBY NOTIFIED that a Class Action has been commenced in the
United States District Court for the Central District of California on behalf
of all purchasers of Osicom Technologies Inc. (Nasdaq: FIBR) securities
between July 2, 1998 and April 21, 1999, inclusive.
The Complaint charges Osicom and certain of its officers and directors
with violations of the federal securities laws. Among other things, plaintiff
claims that defendants issued materially false and misleading statements
regarding Osicom's exclusive agreement to supply wireless personal digital
assistant or "PDA" products to a customer in Japan. In its July 1, 1998 press
release, Osicom Technologies estimated the value of that PDA agreement at
approximately $90 million. Osicom Technologies shares soared 20 percent the
next day in reaction to the news. By April 21, 1999, Osicom Technologies
Chief Executive admitted that the PDA agreement was for just $175,000 in
engineering work. In reaction to the stunning admission, Osicom Technologies
shares plunged as much as 49 percent, inflicting enormous damage on investors.
Plaintiff seeks to recover monetary damages on behalf of himself and all
other purchasers of Osicom Technologies securities between July 2, 1998 and
April 21, 1999, excluding the defendants and their affiliates. Plaintiff is
represented by Abbey, Gardy & Squitieri, LLP, a law firm with extensive
experience in prosecuting class actions, and significant expertise in actions
involving corporate fraud.
If you are a member of the class described above, you may, not later than
60 days from today, move the court to serve as a lead plaintiff of the class,
if you so choose. In order to serve as a lead plaintiff, however, you must
meet certain legal requirements. If you wish to discuss this action, or have
any questions concerning this notice, please contact:
Mark C. Gardy, Esq.
James S. Notis, Esq.
Abbey, Gardy & Squitieri, LLP
212 East 39th Street
New York, New York 10016
TELEPHONE: 800-889-3701 or 212-889-3700
FAX: 212-684-5191
E-MAIL: jnotis@a-g-s.com
or
James Jay Seirmarco, Esq.
Abbey, Gardy & Squitieri, LLP
595 Market Street, Suite 2500
San Francisco, California 94105
TELEPHONE: 415-538-3725
FAX: 415-538-3775
E-MAIL: jseirmarco@a-g-s.com
SOURCE Abbey, Gardy & Squitieri, LLP
-0- 04/22/99
/CONTACT: James S. Notis, Esq. of Abbey, Gardy & Squitieri, LLP,
800-889-3701, or 212-889-3700, or fax, 212-684-5191, or jnotis@a-g-s.com/
(FIBR) |
