BALTIMORE, May 3, 2001 (PRIMEZONE) -- Dollar General Corporation (NYSE:DG), Cell Pathways, Inc. (Nasdaq:CLPA) and California Amplifier, Inc. (Nasdaq:CAMP) are defendants in securities class actions now being pursued in federal courts. Law Offices Of Charles J. Piven, P.A. has filed these lawsuits within the past 60 days.
If you purchased stock in any of the companies listed above, you may be a member of the class, and you have until the dates specified below to ask the Court to become the lead plaintiff. To learn more about these lawsuits in particular, and your ability to become a lead plaintiff, you may contact the Law Offices Of Charles J. Piven, P.A., without obligation or cost to you, at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at pivenlaw1@erols.com or by calling (410) 986-0036. The Law Offices Of Charles J. Piven, P.A. has been involved in shareholder class actions for over twelve years.
Dollar General Corporation (NYSE:DG) Class Period: May 12, 1998 through April 27, 2001 Deadline for filing Lead Plaintiff Motion: June 29, 2001
Dollar General is charged with issuing false and misleading financial statements and news releases about its earnings during the Class Period. On April 30, 2001, the company admitted that it would delay filing its annual report for fiscal 2000, that it had begun investigating "accounting irregularities" and that its audit committee was reviewing allegations of fraudulent behavior. In addition, the company disclosed that it would need to restate its results for fiscal years 1998, 1999 and for the first three quarters of 2000. Management further revealed that its preliminary investigation reflected the possibility that the restatement would have a material adverse effect on the previously announced earnings for fiscal 1998 and 1999. The complaint was filed in the United States District Court for the Middle District of Tennessee, Nashville Division, and is captioned Hinds v. Dollar General Corporation, et al.
Cell Pathways, Inc. (Nasdaq:CLPA) Class Period: October 27, 1999 and September 22, 2000 Deadline for filing Lead Plaintiff Motion: May 21, 2001
The lawsuit charges Cell Pathways and two top officers with issuing false and misleading statements about the drug, Aptosyn(R), and about the drug's chances of gaining approval from the U.S. Food and Drug Administration (FDA). The complaint says that the defendants made positive statements about clinical trial results and the regulatory process during the Class Period, despite providing the FDA with "deficient" supporting data. On September 22, 2000, the company disclosed that the FDA had rejected the new drug application as "non-approvable," a strongly negative finding given to only a small percentage of applicants. The rejection stunned investors. As one analyst put it: "The repeated expressions of confidence that the product would be approved--with this result--causes me to question how well-grounded management is in reality, with regard to the regulatory process." Cell Pathways' stock, which had traded as high as $61 a share during the Class Period, quickly fell from nearly $21 a share to about $9 a share, a 70% drop in value. The complaint was filed in the United States District Court for the Eastern District of Pennsylvania and is captioned Webb v. Cell Pathways, Inc.
California Amplifier, Inc. (Nasdaq:CAMP) Class Period: April 6, 2000 through March 28, 2001 Deadline for filing Lead Plaintiff Motion: May 29, 2001
The action accuses California Amplifier and a top corporate officer of knowingly using improper accounting procedures that skewed financial statements and inflated the company's stock price. On March 29, 2001, the company announced that its comptroller had resigned after making certain adjustments to the company's accounting records that could force California Amplifier to restate fiscal 2000 results and reduce net income by as much as $2.2 million. The company's investigation triggered a sharp decline in its stock price. Nasdaq officials halted trading at $5.03, more than 90% off the Class Period high of $59.25. The complaint was filed in the United States District Court for the Central District of California.
If you are an investor in any of the companies listed above, you may contact Law Offices Of Charles J. Piven, P.A. to discuss your rights regarding the appointment of lead plaintiff and/or your interest in the class action. To serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca