NEW YORK, Feb. 11, 2002 (PRIMEZONE) -- A securities class action lawsuit was filed on February 11, 2002 on behalf of all person who acquired common stock of Hanover Compressor Company (NYSE:HC) during the period between November 8, 2000 and January 28, 2002, inclusive (the "Class Period"). A copy of this complaint is available from the court or from Abbey Gardy, LLP. Please contact Nancy Kaboolian, Esq. or Jennifer Haas at 1-800-889-3701 or by email at Jhaas@abbeygardy.com.
The complaint alleges that certain of Hanover's officers and directors violated the Securities Exchange Act of 1934. The complaint charges that during the Class Period, defendants issued false and misleading statements, press releases, and SEC filings concerning Hanover's financial condition. These statements had the effect of artificially inflating the price per share of the Company's common stock and other securities.
The Company's true state of fiscal affairs was in fact substantially different than reported to the markets. On January 28, 2002, Hanover would reveal various investments and joint ventures for which it never recorded the investment amount or purchase price, but for which the Company recorded revenue from in order to bolster its claims of growth. Specifically, the true facts, which were known by the defendants during the Class Period but concealed from the public, were: (a) the $16 million in revenue and $2.6 million in net income recognized in Q3 and Q4 associated with the Hampton Roads fabrication project should not have been recognized; (b) the Registration Statement omits the Hampton Roads project and incorporates the Company's false and misleading Q3 and Q4 2000 financial results; and (c) the Company's financial statements for Q101 through Q301 were false in that the revenue and EPS were overstated and they failed to disclose the impact of the questionable Hampton Roads joint venture.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired securities during the Class Period. If you purchased or otherwise acquired Hanover Compressor common stock during the class period, and you wish to serve as lead plaintiff, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 5, 2002.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email JHaas@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca