BALA CYNWYD, Pa., June 4, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Blue Rhino Corporation ("Blue Rhino" or the "Company") (Nasdaq:RINO) between, August 15, 2002 and February 5, 2003 inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Central District of California.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Blue Rhino securities. Specifically, the Complaint alleges that defendants' statements were materially false and misleading because defendants failed to disclose and misrepresented: (1) that ten distributors acquired by the Company were not healthy, highly profitable, and independent of the Company as portrayed by Blue Rhino; (2) that the Company misrepresented the purchase price of the acquisition of the ten distributorships by more than $10,000,000.00; (3) that the Company was beginning to see a decline in earnings from certain Overfill Protection Device ("OPD") regulations; (4) that the Company's earnings projections were lacking in any reasonable basis when made; and (5) that the false and misleading information disseminated by the defendants caused Blue Rhino's securities to trade at artificially inflated prices.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Blue Rhino stock between August 15, 2002 and February 5, 2003, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca