BALA CYNWYD, PA., Feb. 28, 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 Southern District of Florida claims that Tyco International Ltd. ("Tyco" or the "Company") (NYSE:TYC) misled shareholders about 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 Tyco International Ltd. securities between February 5, 1999 and February 4, 2002 (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 Tyco 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 during the Class Period, defendants issued false and misleading statements, press releases and SEC filings concerning Tyco's financial condition. These statements had the effect of artificially inflating the price per share of the Company's common stock and other securities.
Specifically, the complaint alleges that Tyco's representations were false and misleading due to defendant's failure to disclose: (a) hundreds of cash acquisitions during the class period totaling expenditures of several billion dollars; (b) that the individual defendants sold in excess of $155 million of their individual stock holdings in the Company; (c) that Tyco's management procedures were to make large payments to insiders, including a $20 million payment to one director and his charity for furthering the interests of Tyco; and (d) Tyco fostered a corporate atmosphere which encouraged the individual defendants to work for their personal interests rather than those of the Company or its shareholders by offering bonuses to those who acquired companies with high, but short term, profitability.
If you purchased Tyco securities between February 5, 1999 and February 4, 2002, you may be a member of the class and have until April 7, 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