LITTLE ROCK, Ark., May 3, 2002 (PRIMEZONE) -- The Emerson Firm announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Lumenis Ltd. ("Lumenis" or the "Company") (Nasdaq:LUME) common stock during the period between January 7, 2002 through February 28, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Firm.
The complaint charges Lumenis and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities.
The complaint alleges that throughout the Class Period, defendants 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 bought Lumenis common stock between January 7, 2002 through February 28, 2002 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than May 10, 2002. If you are a member of this class, you can join this class action by contacting the Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. In fact, the Firm was recently appointed by a Court in Houston to the Plaintiffs' Counsel Steering Committee prosecuting the Enron retirement plan litigation. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.