NEW YORK, Nov. 8, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Wechsler Harwood LLP ("Wechsler Harwood"):
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Central District of California on behalf of all purchasers of the common stock of Endocare Inc. ("Endocare") (Nasdaq:ENDO) publicly traded securities during the period between Oct. 23, 2001 and Oct. 30, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on Wechsler Harwood web site at: http://www.whesq.com.
The complaint charges Endocare, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Endocare develops, manufactures, and markets cryosurgical and stent technological devices for the treatment of prostate cancer and benign prostate hyperplasia. Endocare is also developing cryosurgical technologies for treating tumors in organs such as the kidney, breast and liver. Specifically, the complaint alleges that defendants caused Endocare's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Endocare was able to complete a public offering of 4 million shares, raising proceeds of $68 million on Nov. 16, 2001. On Oct. 30, 2002, the Company issued a press release entitled, "Endocare Will Delay Release of Third Quarter Results Until Completion of Its Review Process." On this news the stock dropped below $3 per share.
If you are a member of the class described above, you may, not later than December 31, 2002, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. 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 plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about this matter and the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 David Leifer, Wechsler Harwood Shareholder Relations Department: dleifer@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca