NEW YORK, Aug. 28, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Abbey Gardy, LLP. Investors have sued MSC Industrial Direct Co. alleging securities law violations.
A class action lawsuit has been filed in the United States District Court for the Eastern District of New York against MSC Industrial Direct Co., Inc. ("MSM" or the "Company") (NYSE:MSM) and certain of its officers and directors on behalf of all persons or entities who purchased MSM securities during the period from November 4, 1999 to August 5, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of MSM securities.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired MSM securities during the Class Period. If you purchased or otherwise acquired MSM securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased MSM securities during the Class Period, you may, no later than October 7, 2002, request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The law sets forth-specific criteria that a lead plaintiff must meet in order to adequately represent the interests of the class. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. of Abbey Gardy, LLP at (800) 889-3701 or (212) 889-3700 or e-mail nkaboolian@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.