NEW YORK, Jan. 20, 2004 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of purchasers of all persons or entities who purchased or otherwise acquired one or more of the shares of Adecco S.A. ("Adecco")(NYSE:ADO), between March 16,2000 and January 12, 2004, inclusive (the "Class Period").
If you purchased shares of Adecco during the Class Period, you may, no later than March 16, 2004, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The complaint charges Adecco, John Bowmer, Jerome Caille, and Felix A. Weber with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Between March 16, 2000 and January 9, 2004, the defendants issued a series of material misrepresentations to the market concerning the Company's financial results. Specifically, defendants' statements during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented: (1) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; (2) more specifically, that its North American operations had a material weaknesses in internal controls; (3) because of this the Company's net income was materially overstated in violation of Generally Accepted Accounting Principals ("GAAP"); and (4) the value of the Company's net income and financial results were materially overstated at all relevant times.
On January 12, 2004, Adecco announced that it did not expect the audit of its consolidated financial statements for the 2003 fiscal year to be completed by Adecco's auditors, by the previously announced release date of February 4, 2004. The Company identified the following reasons for the delay: (1) the identification of material weaknesses in internal controls in the Company's North American operations of Adecco Staffing; (2) the resolution of possible accounting, control and compliance issues in the Company's operations in certain countries; and (3) the completion of the Company's efforts to address these matters and determine their effect on the Company's consolidated financial statements. News of this caused Adecco securities to decrease more than 30% or $5.23 per share to close at $11.70 per share on extremely heavy volume.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Adecco, or anyone that has exchanged shares of Olsten Corporation (NYSE-OLS) during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com