NEW YORK, Feb. 15, 2002 (PRIMEZONE) -- A securities class action lawsuit was filed In the United States District Court for the Northern District of Florida, Gainesville Division, on behalf of all person who acquired common stock of Regeneration Technologies, Inc (RTI) (Nasdaq:RTIX) during the period between July 25, 2001 and January 31, 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 RTI and certain of its officers violated the federal securities laws by issuing false and misleading statements concerning the Company's business and financial condition. Specifically, the complaint alleges that defendants made highly positive statements regarding the Company's financial results. RTI reported quarter after quarter of "record" financial results and strong revenue growth which caused the price of RTI securities to trade as high as $12.82 per share during the Class Period. These statements were allegedly false and misleading because the Company failed to take a charge against earnings to recognize worthless inventory.
On February 2, 2002, RTI shocked the market by announcing that the Company was delaying its fourth quarter and year-end results for fiscal year 2001 while "management completes its evaluation of certain inventory issues." The Company also announced that its Chief Financial Officer, Richard Allen, and Vice President of Marketing and Sales, James Abraham, are leaving the Company effective immediately. The Company further announced that it is "evaluating whether these issues may affect RTI's previously reported financial results" and although "RTI's annual results have not been finalized, company officials expect to report a loss for both the quarter and the year." In response to the news the price of RTI stock plunged more than 50% from $10.15 on January 31, 2002 to $5.19 on February 1, 2002.
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 Regeneration Technologies, Inc. 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.