NEW YORK, May 9, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of purchasers of Allou Healthcare Inc., ("Allou" or the Company") (AMEX:ALU) between June 22, 1998 and April 9, 2003 inclusive, (the "Class Period").
If you purchased Allou securities during the Class Period, you may, no later than July 1, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendant 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, thereby artificially inflating the price of Allou securities. The complaint charges 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 materially false and misleading statements to the market between June 22, 1998 and April 9, 2003. Specifically, that "the level of assets collateralizing loans were substantially overstated in recent reports submitted by the Company to its senior leaders" and that the preliminary results of a Company investigation indicate that "inventory was overstated by approximately $35,000,000 and that accounts receivable may be overstated by $75,000,000 to $80,000,000, for a total overstatement of $110,000,000 to $115,000,000."
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Allou securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.