NEW YORK, Feb. 13,2002 (PRIMEZONE) -- The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on December 27, 2001, on behalf of purchasers of the securities of ACLN, Ltd. ("ACLN" or the "Company") (NYSE:ASW) between June 29, 2000 and December 20, 2001, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/acln/
The action, numbered 01 CV 11822, is pending in the United States District Court, Southern District of New York, located at 500 Pearl Street, New York, NY against defendants ACLN, Joseph Bisschops, Aldo Labiad and Alex De Ridder. The Honorable Richard Conway Casey is presiding over the case.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements to the market. Beginning on June 29, 2000, and continuing throughout the Class Period, defendants issued multiple press releases and filed quarterly and annual reports with the SEC which highlighted the Company's growth and strong financial performance. As alleged in the Complaint, these statements were materially false and misleading because they failed to describe the true state of financial affairs at the Company. Specifically, defendants (a) failed to disclose certain self-dealing transactions between defendant Bisschops and certain private entities which he controlled; (b) overstated the Company's assets by listing a shipping vessel, the Sea Atef, as an asset of the Company when, in fact, the Company did not own the Sea Atef; (c) understated the Company's selling, general and administrative expenses, causing the Company's net income to be overstated; and (d) violated Generally Accepted Accounting Principles ("GAAP") and the Company's own stated policy with regard to recognition of revenue by reporting revenue for the cars that it sold as soon as the ship carrying the cars left the port and not when the shipment was completed. The truth about these statements finally came to light on December 20, 2001, in an article published by Herb Greenberg on The Street.com. In response to the questions raised in Greenberg's article, shares of ACLN plunged 64%, falling $16.71 to close at $9.40 per share.
If you bought the securities of ACLN between June 29, 2000 and December 20, 2001, you may, no later than February 19, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165
Phone number: (800) 320-5081 Email: PNCcase@milbergNY.com Website: http://www.milberg.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca