NEW YORK, Oct. 24, 2002 (PRIMEZONE) -- The law firm of Abbey Gardy, LLP has filed a class action against Atlas Worldwide Holdings, Inc. ("Atlas" or the "Company") (NYSE:CGO) in the United States District Court for the Southern District of New York, on behalf of all persons or entities who purchased securities during the period from April 18 2000 and October 15, 2002, inclusive (the "Class Period"). The suit names Atlas and certain of its officers and directors.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Atlas securities. The complaint alleges that during the Class Period, defendants reported materially false and misleading earnings. On October 16, 2002, defendants disclosed that Atlas would have to restate its financial results for its fiscal years 2000 and 2001, in the areas of obsolescence, maintenance expense and allowance for bad debt. On this news the Company's stock price dropped to $1.80. Shares of Atlas common stock had traded as high as $45.69.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Atlas securities during the Class Period. If you purchased or otherwise acquired Atlas securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Atlas securities during the Class Period, you may, no later than December 17, 2002, request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. of Abbey Gardy, LLP at (800) 889-3701 or email Nkaboolian@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.