BALA CYNWYD, Pa., April 23, 2002 (PRIMEZONE) -- A pending class action charges Lumenis Ltd. (Nasdaq:LUME) with misleading investors about its business and financial condition according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Southern District of New York (02-CV-2038). Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased Lumenis Ltd. securities between January 7, 2002 through February 28, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Lumenis Ltd. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Israel-based Lumenis Ltd. discounted and disputed marketplace rumors about its operations even as it knew it was being investigated by the SEC and that its distributors had been contacted by the SEC. Additionally, even after announcing in a press release that it was subject to an SEC investigation, the Company continued to hide the fact that it had been aware of the SEC investigation and had been providing information to the SEC for several weeks.
On February 28, 2002, Lumenis revealed the facts concerning the SEC investigation in a conference call. These shocking revelations caused the stock to plummet 30% in one day and more than 69% from its Class Period high; resulting in damages to plaintiff and members of the class.
If you purchased Lumenis Ltd. securities between January 7, 2002 and February 28, 2002, you may be a member of the class and have until May 10, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our Website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca