BALA CYNWYD, Pa., Feb. 5, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Northern District of Illinois, Eastern Division claims that HA-LO Industries Inc., ("HALO" or the "Company") (NYSE:HMK) and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought HA-LO Industries Inc. securities between February 18, 1999 and November 23, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of HA-LO Industries Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Website at www.sbclasslaw.com.
The complaint alleges that the Illinois-based HA-LO Industries Inc., throughout the Class Period, issued press releases reporting HALO's quarterly and year-end financial performance, and filed reports confirming such performance with the United States Securities and Exchange Commission. These reports positively portrayed HALO's performance during the Class Period. These statements, as alleged in the complaint, were materially false and misleading because the Company had, throughout the Class Period, improperly recognized revenues, thereby inflating its reported sales and earnings.
On November 23, 2001, HALO issued a press release announcing the restatement of its previously filed financial statements for the period 1998 to 2000, and that the Company "may also restate its first quarter 2001 Form 10-Q." According to the press release, the restatement will have the effect of decreasing the Company's reported Class Period pretax income by a total of $15 million, including $1.2 million if the restatement includes the first quarter of 2001.
If you purchased HA-LO Industries Inc. securities between February 18, 1999 and November 23, 2001, you may be a member of the class and have until March 12, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our Website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca