PHILADELPHIA, Feb. 19, 2002 (PRIMEZONE) -- Berger & Montague, P.C., www.bergermontague.com, filed a class action against Regeneration Technologies, Inc. ("RTI") and certain of its officers in the United States District Court for the Northern District of Florida, on behalf of all persons or entities who purchased Regeneration Technologies, Inc. common stock (Nasdaq:RTIX) during the period from July 25, 2001 through January 31, 2002.
The complaint charges RTI and certain of its officers with 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 purchasers of RTIX common stock during the Class Period (the "Class"). The plaintiff is represented by Berger & Montague, P.C.
The law firm of Berger & Montague, P.C. has 55 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm has represented investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In re: IKON Office Solutions Securities Litigation, Civil Action No. 98-4286 (E.D.Pa) (partial settlement for $111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here...I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 77-9 (N.D.Ill.) (settled in 1999 for $220 million).
If you purchased Regeneration Technologies, Inc. common stock during the period from July 25, 2001 through January 31, 2002, inclusive, you may, no later than April 5, 2002, move to be appointed 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 lead plaintiff.
If you purchased Regeneration Technologies, Inc. common stock, or have any questions concerning this notice or your rights with respect to this matter, you may contact:
Todd S. Collins, Esquire Douglas M. Risen, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Telephone: (888) 891-2289 or (215) 875-3000 Fax: (215) 875-5715 Website: www.bergermontague.com e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca