NEW YORK, Jan. 7, 2002 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire has filed a class action on behalf of purchasers of A.C.L.N., Ltd. (NYSE:ASW) securities between December 27, 1998 and December 20, 2001, inclusive ("Class Period"). A copy of the complaint is available on our website at www.kmslaw.com. You can also contact us by phone at (888) 529-4787 or by email at mfleming@kmslaw.com.
Claims are asserted against ACLN and officers Joseph Bisschops, Aldo Labiad and Alex De Ridder for violations of the Securities Exchange Act of 1934. The action charges, among other things, that defendants concealed ACLN's true financial state throughout the class period. The truth about ACLN was undisclosed until December 20, 2001 when TheStreet.com reported among other things, that:
1) As many as 2,265,221 shares held by entities controlled by
Chairman Joseph Bisschops vanished from the "principal and
management shareholders" list in ACLN's SEC filings.
2) ACLN misrepresented its non-ownership of the Sea Atef cargo ship.
Furthermore, defendants made conflicting claims about the Sea
Atef's operations. Defendants also understated their selling,
general and administrative expenses, and overstated the number of
cars that they sold.
Members of the class described above may, no later than February 19, 2002, move the Court to serve as lead plaintiff of the class pursuant to the Private Securities Litigation Reform Act of 1995. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Lead plaintiffs must meet certain legal requirements as set forth in the Act. Class members need not seek appointment as lead plaintiff in order to share in any recovery resulting from this litigation. If you wish to retain Kirby McInerney & Squire to represent you in this action you can sign up online at www.kmslaw.com.
Kirby McInerney & Squire, LLP, has repeatedly demonstrated its expertise in the field of securities litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions.
For more information contact Ira M. Press, Esq. or Melissa Fleming at (888) 529-4782 or mfleming@kmslaw.com or visit our website www.kmslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.