ATLANTA, March 6, 2000 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been filed in the United States District Court for the Southern District of Florida on behalf of purchasers of Tyco International, Ltd. (NYSE:TYC) ("Tyco" or the "Company") common stock during the period between December 13, 1999 through February 1, 2002, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The Complaint alleges that Tyco and certain of its officers and directors violated the Securities Exchange Act of 1934. The Complaint alleges that during the Class Period, defendants issued false and misleading statements, press releases, and SEC filings concerning Tyco's financial condition. The Complaint alleges that these statements had the effect of artificially inflating the price per share of the Company's common stock and other securities.
The Complaint alleges that Tyco's representations were false and misleading due to defendants' failure to disclose: (a) hundreds of cash acquisitions during the Class Period totaling expenditures of several billion dollars; (b) that the Individual Defendants sold in excess of $155,000,000 of their individual stock holdings in the Company; (c) that Tyco's management procedures were to make large payments to insiders, including a $20,000,000 payment to one director and his charity for furthering the interests of Tyco; and (d) Tyco fostered a corporate atmosphere which encouraged the Individual Defendants to work for their personal interests rather than those of the Company or its shareholders by offering bonuses to those who acquired companies with high, but short term, profitability.
The Complaint further alleges that as the truth regarding the foregoing alleged false and misleading statements began to be revealed on January 27, 2002, the Company's stock price began a rapid decline. As alleged in the Complaint, Tyco's shares, which closed at $45 on January 27, 2002, had plummeted to $35.63 by the end of the Class Period.
If you purchased securities in Tyco during the Class Period set forth above, you may, no later than April 8, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com. Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, Ga., but represents investors in securities class action lawsuits throughout the nation.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca