NEW YORK, Feb. 22, 2001 (PRIMEZONE) -- Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(i), Seeger Weiss LLP, Frydman & Bergman and Morris and Morris hereby give notice that on February 15, 2001, an amended class action complaint was filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased 13.125% Retirement Financing Notes due November 30, 2003 (the "Notes"), and who were damaged thereby.
Grand Court Lifestyles, Inc. ("Grand Court") is in the business of building and managing assisted living facilities for the elderly. Grand Court is or was affiliated with approximately 53 such communities located across the country.
The amended complaint alleges that defendants, consisting of certain officers and directors of Grand Court, made false and misleading statements and/or omissions concerning the then-existing financial condition and business prospects of Grand Court in connection with the release of a Private Placement Memorandum dated November 10, 1999. As alleged in the amended complaint, since disclosure of the true facts would have had a chilling effect on their ability to sell the Notes, defendants set out to conceal the truth about Grand Court's condition and ensure that the private placement was successful.
The amended complaint alleges that, as a result of defendants' false and misleading statements, purchasers of the Notes purchased notes that would not have been marketable had the truth been disclosed, and are currently in default.
Plaintiffs seek to recover damages on behalf of all Class members and are represented by the law firms of Seeger Weiss LLP and Frydman & Bergman. Seeger Weiss LLP maintains offices in New York City and New Jersey and is active in major class action and complex commercial litigations pending in federal and state courts throughout the United States. Frydman & Bergman maintains its offices in mid-town Manhattan and is experienced in complex and commercial litigation.
If you are a member of the Class described above, you may, not later than 60 days from February 15, 2001, 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 or interests with respect to this matter, please contact plaintiffs' counsel listed below.
David K. Bergman, Esq.,
Frydman & Bergman
18 East 48th Street - Tenth Floor
New York, NY 10017
Tel: (212) 355-9100
E-Mail: bergmanlaw@hotmail.com
or
Christopher A. Seeger, Esq.
Stephen A. Weiss, Esq.
Seeger Weiss LLP
One William Street
New York, New York 10004
Tel.: (212) 584-0700
E-Mail: cseeger@seegerweiss.com
sweiss@seegerweiss.com
or
Karen L. Morris, Esq.
Morris and Morris
1105 N. Market Street, Suite 1600
Wilmington, DE 19899
Tel: (302) 426-0400
E-Mail: morrisandmorris@compuserve.com
More information on this and other class actions may be found on the Class Action Newsline at www.primezone.com/ca