LOS ANGELES, Nov. 6, 2002 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Endocare, Inc. ("Endocare" or the "Company") (Nasdaq:ENDO) between October 23, 2001 and October 30, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the complaint at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at info@glancylaw.com.
The Complaint charges Endocare and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding Endocare's earnings caused Endocare's stock price to become artificially inflated, inflicting damages on investors. Endocare develops and manufactures cryosurgical and stent technologies and is developing devices for the treatment of prostate cancer and benign prostate hyperplasia. On October 24, 2002, a Company press release announced that Endocare's results for the third quarter of 2002 would not meet expectations, but that there would be a postponement of six days in issuing its financial statements. On October 30, the Company announced that it would be further delaying its earnings release pending an ongoing review process. Following this announcement, the price of Endocare's stock plummeted to $2.83 per share -- less than a third of its price eight days earlier. The Complaint alleges that although defendants knew or should have known of material inaccuracies in their financial statements long before the end of the third quarter, defendants concealed this information from investors, enabling the Company to complete a public offering of four million shares, raising proceeds of $68 million on November 16, 2001.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than December 31, 2002, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.