NEW YORK, Nov. 5, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the Central District of California on behalf of all purchasers of Endocare (Nasdaq:ENDO) common stock during the period from October 23, 2001 to October 30, 2002 (the "Class Period").
A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please visit our website, which offers summary and detailed information concerning the case, at www.kmslaw.com, or contact us by phone at (888) 529-4787 or by email at obraun@kmslaw.com .
The action charges Endocare and two of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, and charges the senior officers with violations of Section 20(a) of the Act. The violations, as the complaint alleges, stem from the issuance of allegedly false financial statements during the class period, which had the effect - during the class period - of artificially inflating the price of Endocare's shares. The individual defendants and other Interpublic insiders raised $68 million from a secondary public offering during the class period.
During the class period, as the complaint alleges, Interpublic's publicly-issued financial results were, in fact, false and misleading. On October 24, 2002, the Company announced that its results for the third quarter of 2002 would not meet expectations, but that there would be a postponement of six days in issuing financial statements. Six days later, the Company announced that it would be further delaying earnings release pending an ongoing review process. The market interpreted this statement as the first step in the revelation of "accounting irregularities". Endocare shares fell from $8.67 on October 23 to $2.83 on October 31, losing more than two-thirds of their value.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than December 31, 2002, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Ira M. Press, Esq. Orie Braun KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.