NEW YORK, Feb. 11, 2002 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action lawsuit against A.C.L.N. Ltd. ("ACLN" or the "Company") (NYSE:ASW) and three of the Company's senior officials on behalf of those persons or entities who purchased the common stock of ACLN during the period between May 30, 2000 through December 20, 2001 (the "Class Period"), shareholders have until Tuesday February 19, 2002 to seek appointment by the Court as one of the lead plaintiffs in this action.
The lawsuit charges that ACLN issued a series of false and misleading statements during the Class Period which mislead investors and concealed ACLN's true financial condition. In particular, it is alleged that during the Class Period, defendants issued several press releases and filed quarterly and annual reports with the SEC which highlighted the Company's growth and strong financial performance. These statements were materially false and misleading because they failed to describe the true state of financial affairs at the Company.
Specifically, defendants made a series of false and misleading statements concerning (i) the disposition of Company stock by its Chairman; (ii) the Company's ownership of a $6 million shipping vessel named the Sea Atef; (iii) understatement of the Company's selling, general and administrative expenses, causing the Company's net income to be overstated; (iv) the number of new cars sold in the first quarter of 2000; and (v) payments to a company controlled by its Chairman for "administrative expenses."
If you purchased the common stock of ACLN during the Class Period, you have until Tuesday February 19, 2002 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 or (888) 4-POMLAW, toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca