WASHINGTON, Nov. 26, 2002 (PRIMEZONE) -- The Law Office of Mark McNair announces a securities class action lawsuit has been filed against OM Group, Inc. (NYSE:OMG). The complaint is on behalf of, and seeks damages for, shareholders who purchased the stock from April 25, 2002 through October 29, 2002, inclusive (the "Class Period").
The suit alleges that OMG and certain of its officers violated the Securities Exchange Act of 1934, as a result of the defendants' issuance of false and misleading statements to the market during the Class Period and thereby artificially inflating the price of OM Group stock.
Specifically, the Complaint alleges that during the Class Period the defendants touted OMG's financial health without disclosing the true condition of the Company. However, on October 29, 2002, the OM Group announced a large loss (due to a massive inventory write-down), plans for a thoroughgoing operational restructuring, and a review of its financial reporting. The market reaction was devastating and OMG's stock lost 70% of its value, dropping from $22 per share to $9 per share on that day. Two days later, James P. Mooney, OMG's Chief Executive Officer, had to sell his OMG's holdings to cover a margin call on a huge loan. Subsequently, OMG stock fell further to $6 per share.
The Law Office of Mark McNair is currently investigating these claims. If you were a purchaser of OMG during the period indicated and want to discuss your legal rights or if you have information relevant to the lawsuit, you may e-mail or call the Law Office of Mark McNair. You may contact the Law Office of Mark McNair at 1101 30th Street N.W., Suite 500, Washington, D.C, 20007, by telephone at (877) 511.4717 or (202) 872.4717, or via e-mail at mcnair@justice4investors.com.
If you are a member of the Class, you may move the court no later than December 31, 2002 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca