HARTFORD, Conn., May 23, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Oregon on behalf of all persons who purchased the common stock of TRM Corporation, ("TRM" or the "Company") (Nasdaq:TRMM) between March 16, 2006 and May 22, 2007, inclusive (the "Class Period").
The Complaint charges that TRM and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements regarding the Company's financial health and performance. As alleged in the Complaint, these statements were materially false and misleading because defendants misrepresented and failed to disclose: (i) that the Company's financial results were artificially inflated due to the failure to timely write down certain assets, which were materially overvalued in the Company's financial statements; (ii) that TRM lacked adequate internal controls and procedures necessary to ascertain its true financial condition and worth; and (iii) as a result of the foregoing, the Company's ability to continue its operations and remain a going-concern was in serious doubt. At the end of the Class Period, TRM provided investors with details about the progress of its restructuring plan and announced new management positions. Following this disclosure, shares of the Company's stock declined dramatically.
If you are a member of the class, you may, no later than July 22, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.