NEW YORK, Nov. 14, 2002 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud lawsuit against Syncor International Corp. (Nasdaq:SCOR) on behalf of persons who purchased Syncor common stock during the period March 30, 2000 through and including November 5, 2002. The plaintiff alleges in the action that during the Class Period, Syncor and certain of its senior officers and directors issued a series of press releases and SEC filings trumpeting significant sales growth in Syncor's international business, and that defendants knew or recklessly disregarded that those statements were materially false and misleading in that they failed to disclose that the individual defendants were making illegal payments to Syncor's overseas customers.
The true facts were first disclosed on November 6, 2002 when Syncor shocked the market by issuing a press release announcing that it was conducting an internal investigation into illegal payments to its overseas customers. Syncor's disclosure has caused its stock price to decline approximately 37%, or over $13 per share, from its closing price of $35.92 on November 5, 2002.
Class members have until January 6, 2003 to file motions to be appointed lead plaintiff. Class members who acquired their Syncor common shares from March 30, 2000 through and including November 5, 2002, and other persons with information that may be helpful to the prosecution of the action, are urged to contact Wolf Popper LLP, a New York law firm specializing in class action litigation, concerning their rights at:
Wolf Popper LLP, James A. Harrod, Esq., 845 Third Avenue, New York, NY 10022; Tel.: 212.451.9642, Toll Free: 877.370.7703, Fax: 212.486.2093, Toll Free: 877.370.7704; Email: irrep@wolfpopper.com, website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca