NEW YORK, Nov. 13, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Western District of California, on behalf of all purchasers of Syncor International Corp. ("Syncor" or the "Company") (Nasdaq:SCOR) securities between April 25, 2001 through November 5, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Syncor's financial results and business prospects. Specifically, the complaint alleges that Syncor continuously touted strong year-over-year revenue increases as well as its unique attributes which purportedly immunized it from uncertain market conditions. On November 6, 2002, however, it was revealed that Syncor engaged in practices overseas which were questionable and potentially illegal and which may have violated foreign and U.S. law, including the Foreign Corrupt Practices Act. These questionable and possibly illegal acts were a source of tremendous revenue for the Company and accounted for Syncor's strong year-over-year revenue increases. As a result of the revelation of possible illegal conduct, trading in Syncor securities was halted. When trading resumed, Syncor's stock declined more than 30% in a single day, falling from $35.92 per share at close on November 5, 2002 to $27.40 per share at close on November 6, 2002 on trading of 5.97 million shares.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Syncor securities between April 25, 2001 and November 5, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com.
If you purchased Syncor securities during the Class Period, you may, not later than January 6, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order 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, please contact:
ERIC CRUSIUS, ESQ.
ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
e-mail: Ecrusius@faruqilaw.com
Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca