LITTLE ROCK, Ark., Dec. 17, 2002 (PRIMEZONE) -- The Law Firm of CauleyGeller Bowman & Coates, LLP announced today that a class action hasbeen filed in the United States District Court for the District ofMinnesota on behalf of purchasers of Nash Finch Company ("Nash Finch"or the "Company") (Nasdaq:NAFCE) common stock during the period betweenJuly 15, 2002 and November 8, 2002, inclusive (the "Class Period"). Acopy of the complaint filed in this action is available from the Court,or can be viewed on the firm's website at http://www.cauleygeller.com.
The complaint charges Nash Finch and certain of its officers anddirectors with violations of the Securities Exchange Act of 1934. NashFinch is a food distribution and retail company in the United States. The complaint alleges that during the Class Period, Nash Finch issuedfalse statements, including false financial results in which theCompany included income from vendor promotions to which Nash Finch wasnot entitled, so as to maintain favorable credit ratings on its debt. As a result of defendants' false statements, the Company's stock tradedat artificially inflated levels, permitting Nash Finch to maintaincredit ratings on its $400 million in debt.
Then, on November 8, 2002, Nash Finch issued a press release entitled"Nash Finch Explains Postponement of Earnings Release" which disclosedan SEC inquiry into its accounting practices. Once this news was revealed, Nash Finch's stock collapsed to $7.60 before closing at $8.18, some 70% below the Class Period high of $28.85. It was alsonoted in November 2002, that Nash Finch's former CFO had sued the Company claiming he was fired in 2000 for refusing to manipulate NashFinch's reported financial results.
If you bought Nash Finch common stock between July 15, 2002 andNovember 8, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than February 3, 2003. If you are amember ofthis class, you can join this class action online at http://cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to donothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It isone of the country's premiere firms in the area of securities fraud,with in-house finance and forensic accounting specialists and extensivetrial experience. Since its founding, Cauley Geller has recovered inexcess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock, and San Diego.
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 or visit the Firm's website at www.cauleygeller.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Heather Gann or Sue Null P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@cauleygeller.com
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca