MINNEAPOLIS, July 3, 2003 (PRIMEZONE) -- Lockridge Grindal Nauen P.L.L.P. announced today that a class action lawsuit has been filed in the United States District Court for the Eastern District of Texas, Sherman Division, located at 101 E. Pecan Street, Sherman, TX 75090, on behalf of purchasers of Daisytek International Corporation ("Daisytek" or the "Company") (Nasdaq:DZTK) publicly traded securities during the period between November 9, 2001 and April 28, 2003, inclusive (the "Class Period").
The complaint charges Daisytek and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges violations of the federal securities laws arising out of defendants' issuance of false and misleading statements about the Company's business, operating performance and prospects. Specifically, defendants were improperly accounting for uncollectible customer accounts receivables and vendor rebates receivables to inflate the Company's results.
Daisytek is a global distributor of computer and office supplies and professional tape products. Due to Daisytek's favorable reported results, defendants were able to secure financing essential to the Company. The Company subsequently disclosed it would record "significant" write-downs of customer and vendor receivables and inventory and large restructuring charges. On this news, the Company's stock dropped to $0.53. The Company subsequently announced the resignation of its CEO and its CFO.
If you bought Daisytek publicly traded securities between November 9, 2001 and April 28, 2003, inclusive, and you wish to serve as lead plaintiff, you must make a motion before the Court no later than July 29, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through Lockridge Grindal Nauen P.L.L.P. or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Plaintiffs are represented by the law firm of Lockridge Grindal Nauen P.L.L.P. The firm has considerable experience in prosecuting securities class actions, has extensive experience representing shareholders in class actions, and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation have been repeatedly recognized by courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. Lockridge Grindal Nauen P.L.L.P. has offices in Minneapolis and Washington, D.C.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or write:
Karen Hanson Riebel, Esq. Lockridge Grindal Nauen P.L.L.P. 100 Washington Avenue South, Suite 2200 Minneapolis, MN 55401 (612) 339-6900 khriebel@locklaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca