ATLANTA, May 14, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Seitel, Inc. (NYSE:SEI) ("Seitel" or the "Company") common stock during the period between July 13, 2000 and April 1, 2002 (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint alleges that Seitel and certain of its senior officers improperly recognized revenue and net income during fiscal years 2000 and 2001 by recording revenue on data licensing contracts, prior to specific data being selected by and delivered to its customers. The complaint further alleges that top insiders profited illegally from insider trading in Seitel's common stock and earned exorbitant commissions and bonuses that were tied to reported revenue and earnings. The complaint alleges that during the Class Period and as a result of defendants' misrepresentations, shares of Seitel common stock traded as high as $23.03 per share. Seitel currently trades, after restating its allegedly false financial statements, at approximately $8.00 per share.
The complaint alleges that on May 3, 2002, Seitel issued a press release acknowledging that the financial statements it issued during the class period were not prepared in conformity with Generally Accepted Accounting Principles ("GAAP"). The complaint alleges that Seitel also acknowledged that the May 3, 2002 disclosures were a result of its conversations with the SEC.
If you purchased securities in Seitel during the Class Period set forth above, you may, no later than July 1, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, Ga., but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca