NEW YORK, March 31, 2003 (PRIMEZONE) -- The deadline for purchasers of Cosi, Inc. ("Cosi" or the "Company") (Nasdaq:COSI) common stock to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Cosi common stock pursuant to the Company's Registration Statement and Prospectus dated November 13, 2002 (which became effective November 21, 2002), in connection with or traceable to Cosi's initial public offering "IPO"), (the "Class Period"), through February 3, 2003, inclusive, and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Southern District of New York, located at 500 Pearl Street, NY, NY, 10007, no later than April 7, 2003. A copy 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/show_case.asp?ccode=71&pcode=10&pp=4.
The Complaint, filed by a client of Cauley Geller, alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933 by issuing a materially false and misleading Prospectus and Registration Statement (the "Offering Materials") in connection with Cosi's Initial Public Offering. As alleged in the complaint, the Registration Statement and Prospectus contained several sections which discussed the Company's plans for growth and described how the proceeds raised from the IPO would enable the Company to implement these plans. These statements were materially false and misleading because: (i) the Offering Materials failed to disclose that the funds raised by the IPO would be insufficient to implement the Company's expansion plan, contrary to the representations repeatedly made in the Company's Offering Materials; (ii) at the time of the IPO, defendants should have known that the costs of expansion would be greater than the cash available to the Company (which included working capital and proceeds from the IPO), making it highly improbable that the Company would be able to successfully continue to open numerous new stores at such a rapid pace; and (iii) the Offering Materials failed to disclose that a reduction in the price of the IPO would result in the Company being forced to abandon its growth strategy.
If you are a member of the class described above and you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2003. If you are a member of this 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 do nothing 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 is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
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.
Contact: CAULEY GELLER BOWMAN COATES & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. 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 Fax: 1-501-312-8505 E-mail: info@cauleygeller.com Media contacts: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. 1-631-367-7100
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca