ATLANTA, Dec. 6, 2002 (PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the Central District of California, on behalf of purchasers of the securities of Syncor International Corporation. ("Syncor") (Nasdaq:SCOR) between April 24, 2000 and November 5, 2002 (the "Class Period"), against defendants Syncor and certain of its officers and directors.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may view a copy of this complaint or join the class action online at www.classlaw.com by clicking on Syncor. If you wish to serve as lead plaintiff, you must move the Court for appointment no later than January 6, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of press releases and public filings trumpeting significant sales growth in the Company's international business. Unbeknownst to the investing public, however, the Company's success during the Class Period resulted from the making of illegal payments to Syncor's overseas customers by the Company's Chairman of the Board and the director of its Asian division . Before the market opened on November 6, 2002, the Company shocked the market by announcing that it was conducting an internal investigation into illegal payments to its overseas customers and had contacted the Justice Department and the Securities Exchange Commission, and that its previously announced acquisition by Cardinal Health, Inc. was in doubt. As a result of this news, Syncor's stock price dropped sharply in pre-market trading to $22.50 per share, down $13.42 per share from its previous closing price of $35.92, and NASDAQ halted trading of Syncor's stock pending a satisfactory response to its request for additional information from the Company.
During the Class Period, the Complaint explains, the stock was trading at an artificially inflated price. As a result of this inflation, defendants were able to sell 333,500 shares of their Syncor stock for proceeds of $8.56 million.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley would be happy to discuss with you. Chitwood & Harley is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in a $490 million settlement, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.