BALA CYNWYD, Pa., Oct. 25, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of ShopKo Stores, Inc., GenesisIntermedia, Inc., Teradyne, Inc. and KeySpan Corp. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at (888) 299-7706 (toll free) or (610) 822-2221, fax number (610) 822-0002 or by e-mail at info@sbclasslaw.com.
SHOPKO STORES, INC. (NYSE:SKO) (Class Period: 03/09/00- 11/09/00). The complaint charges ShopKo and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants issued statements concerning the integration of Pamida Holding Corp. ("Pamida"), Shopko's financial results and the Company's prospects. The complaint further alleges that these statements were materially false and misleading because they failed to disclose, among other things, that ShopKo was experiencing significant shipping and inventory control problems at Pamida's distributions centers. On November 9, 2000, ShopKo issued a press release announcing its earnings for the third quarter of 2000 reporting a loss of ($0.23) per share, far below the $.02 to $.07 per share previously represented by the Company, and revealed that the Company was experiencing problems at Pamida's distribution centers and that those problems accounted for ShopKo's reduced earnings. The complaint was filed in the United States District Court for the Eastern District of Wisconsin. The lead plaintiff motion must be filed no later than December 10, 2001.
GENESISINTERMEDIA, INC. (Nasdaq:GENI) (12/21/99 - 09/25/01). The complaint charges GenesisIntermedia and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that in December 1999, defendants plotted and unleashed their scheme to inflate the price of GenesisIntermedia shares and gave shares worth more than $3 million to a financial commentator who helped send the stock soaring after he agreed to issue allegedly false, positive recommendations for it on CNN, CNBC and Bloomberg Television. However, the complaint alleges defendants concealed the payment of 216,000 shares to the commentator, Courtney Smith, in order to induce the purchase of GenesisIntermedia shares and raise tens of millions of dollars via multiple private securities offerings. As a result of defendants' false statements, GenesisIntermedia's stock price traded at inflated levels during the Class Period, increasing to as high as $25 in June 2001. Then after the close of the market on Sept. 25, 2001, GenesisIntermedia's shares were halted pending the resolution of an investigation. GenesisIntermedia shares remain halted and are in essence, worthless. However, just hours before the announcement of the investigation and "halt," defendant El-Batrawi sold over $1.7 million dollars worth of his own shares. The complaint was filed in the United States District Court for the Central District of California. The lead plaintiff motion must be filed no later than December 17, 2001.
TERADYNE, INC. (NYSE:TER) (07/14/00 - 10/17/00). The complaint charges Teradyne and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that Teradyne was experiencing declining orders in its semiconductors testing systems division, which would cause the Company's growth rate to slow from historical levels. Defendants concealed this adverse fact from investors, so that the Company could complete the acquisition of Herco Technology Corporation and Perception Laminates, Inc., d/b/a/ Synthane Taylor, using artificially inflated Teradyne common stock as currency. When the truth about Teradyne's business was revealed to the public, the price of Teradyne common stock dropped precipitously, causing plaintiff and the members of the Class to suffer substantial damages. The complaint was filed in the United States District Court for the District of Massachusetts. The lead plaintiff motion must be filed no later than December 17, 2001.
KEYSPAN CORP. (NYSE:KSE) (04/26/00 - 07/17/01). The complaint charges KeySpan and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants are liable as participants in a fraudulent scheme and course of business that operated as a fraud or deceit on purchasers of KeySpan common stock by disseminating materially false and misleading statements and/or concealing material adverse facts. The scheme: (i) deceived the investing public regarding KeySpan's business, operations, management and the intrinsic value of KeySpan common stock; (ii) enabled the Individual Defendants to sell their personally held shares of KeySpan common stock reaping proceeds of more than $29 million; and (iii) caused plaintiff and other members of the Class to purchase KeySpan common stock at artificially inflated prices. The complaint was filed in the United States District Court for the Eastern District of New York. The lead plaintiff motion must be filed no later than October 29, 2001.
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.