NEW YORK, May 24, 2001 (PRIMEZONE) -- The Rosen Law Firm P.A. (http://www.rosenlegal.com) today announced that the firm has initiated an investigation of claims on behalf of shareholders of Advanced Deposition Technologies Inc. (Nasdaq:ADTQE) (Nasdaq:ADTCQ) (Nasdaq:ADTC). The Rosen Law Firm is investigating reports that certain officers and directors of the Company have directed improper and illegal transactions between the Company and business entities controlled by these officers and directors. Additionally, the Company's financial statements for the years 1998 through 2000 have been called into question by the Company's auditors and are likely to be restated. This improper conduct has directly led to the recent bankruptcy of the Company and has rendered its common stock worthless.
If you are an Advanced Deposition shareholder or have purchased Advanced Deposition common stock at any time since April of 1998 and would like to discuss your legal rights as a shareholder and your ability to seek compensation for losses as a result of corporate fraud, or would simply like more information, please contact Laurence Rosen, Esq. at (866) 767-3653 or via email at lrosen@rosenlegal.com.
Specifically, the improper conduct concerns the Company's deceiving its primary lender regarding the improper recognition of revenue received from a business entity controlled by a family member of an officer of the Company. Additionally, it has been reported that Alexander P. Boxall, a director of the Company, and his wife, a director of a subsidiary of the Company have falsified corporate documents and misrepresented past events relating to stockholder and director's meetings in addition to other wrongful conduct. Mr. Boxall also is alleged to have engaged in fraudulent business transactions with the Company through entities he privately controls.
The Rosen Law Firm P.A. has offices in New York City and New Jersey and concentrates its practice in the representation of shareholders who are the victims of corporate and securities fraud. To discuss your legal rights or for further information, please call Laurence Rosen, Esq. toll-free at (866) Rosenlegal (866-767-3653) or e-mail lrosen@rosenlegal.com or visit the Website at www.rosenlegal.com for more information.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.