BALA CYNWYD, Pa., Nov. 20, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of GenesisIntermedia, Inc., Teradyne, Inc., CareScience, Inc. and Tidel Technologies, Inc. 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.
GENESISINTERMEDIA, INC. (Nasdaq:GENI) (Class Period: 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) (Class Period: 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.
CARESCIENCE, INC. (Nasdaq:CARE) (Class Period: 06/29/00 - 11/01/00) The complaint charges CareScience and certain of its officers and directors with issuing false and misleading statements concerning its Prospectus and Registration Statement (the "Prospectus"). Specifically, the complaint alleges that the Prospectus was materially false and misleading because, among other things, it misrepresented and omitted to disclose material facts concerning two of the Company's products. Specifically, the complaint alleges that the Prospectus highlighted Careleader.com and Caresense.com, which were expected to significantly contribute to the Company's future performance, and provided detailed descriptions of their features, including an anticipated rollout date in 2001. The complaint alleges that these statements were materially false and misleading because they failed to disclose that, given the environment for Internet-based health applications, the Company's Careleader.com and Caresense.com products, which were in development and not complete, would no longer be economically feasible to continue developing. Accordingly, the further development of those products would have to be abandoned and the sales the Company expected from those products would not be realized. On November 1, 2000, the Company announced that it was revising its revenue estimates for 2001, in part, because of its decision to discontinue its Careleader.com and Caresense.com products. In response to this announcement, the price of CareScience common stock dropped to $1.6875 per share. The complaint was filed in the United States District Court for the Eastern District of Pennsylvania, located at 2609 U.S. Courthouse, Independence Mall West, 601 Market Street, Philadelphia, PA 19106. The lead plaintiff motion must be filed no later than December 17, 2001.
TIDEL TECHNOLOGIES, INC. (Nasdaq:ATMS) (Class Period: 04/06/00 - 02/08/01) The complaint charges Tidel Technologies, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that during the Class Period, Tidel falsely touted its sales of automated teller machines, or ATMs, at a "record" pace. These materially false and misleading statements allowed the Company to begin trading on the Nasdaq national trading system, which would have been impossible without the Company's false and misleading statements and the consequent artificial inflation of the Company's stock price. When Tidel finally disclosed that its largest customer's orders would be at "substantially reduced levels for the quarter ending March 31, 200l," Tidel's stock price declined precipitously. The lawsuit alleges that Tidel knew during the time period but did not disclose that its largest customer was in the process of switching to a competitor and reducing orders.
The claims asserted arise under Sections 10 and 20 of the Securities Exchange Act of 1934. Named as defendants in the suit are Tidel; James T. Rash, Tidel's Chief Executive Officer, Chief Financial Officer and Chairman of Tidel's Board of Directors; Mark K. Levenick, Tidel's Chief Operating Officer and a Director of Tidel; James L. Britton III, a Director of Tidel; and Jerrell G. Clay, a Director of Tidel. The complaint was filed in the United States District Court for the Southern District of Texas. The lead plaintiff motion must be filed no later than December 30, 2001.
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca