WASHINGTON, Nov. 26, 2002 (PRIMEZONE) -- The Law Office of Mark McNair announces a securities class action lawsuit has been filed against Syncor International Corp. (Nasdaq:SCOR). The complaint is on behalf of, and seeks damages for, shareholders who purchased the stock from April 25, 2001 through November 5, 2002, inclusive (the "Class Period").
The suit alleges that the Company and certain of its officers violated the Securities Exchange Act of 1934 by issuing false and misleading statements to the market during the Class Period and thereby artificially inflating the price of Syncor stock.
Specifically, the complaint alleges that during the Class Period the defendants issued a series of press releases and SEC filings representing significant sales growth in Syncor's international business. However, on November 6, 2002, 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. As a result of this disclosure, trading in Syncor was halted. When trading resumed, Syncor stock declined more than 30% falling from $35.92 on November 5, 2002 to close at $27.40 on November 6, 2002.
The Law Office of Mark McNair is currently investigating these claims. If you were a purchaser of SCOR during the period indicated and want to discuss your legal rights or if you have information relevant to the lawsuit, you may e-mail or call the Law Office of Mark McNair. You may contact the Law Office of Mark McNair at 1101 30th Street N.W., Suite 500, Washington, D.C, 20007, by telephone at (877) 511.4717 or (202) 872.4717, or via e-mail at mcnair@justice4investors.com.
If you are a member of the Class, you may move the court no later than January 6, 2003 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca