NEW YORK, Jan. 9, 2003 (PRIMEZONE) -- The law offices of Wechsler Harwood LLP today announced that a securities class action has been commenced on behalf of all purchasers of the common stock of Nash Finch Company ("Nash Finch" or the "Company")(Nasdaq:NAFCE) common stock during the period between July 7, 2000 and November 8, 2002, inclusive (the "Class Period").
The case is pending against Nash Finch in the United States District Court for the District of Minnesota. A copy of the complaint filed in this action is available from the Court, or can be viewed on Wechsler Harwood web site at: www.whesq.com
The complaint charges Nash Finch Company and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Nash Finch is a food distribution and retail company in the United States. Specifically, the complaint alleges that Nash Finch issued false statements, including false financial results in which the Company included income from vendor promotions to which Nash Finch was not entitled, so as to maintain favorable credit ratings on its debt. As a result of defendants' false statements, the Company's stock traded at artificially inflated levels, permitting Nash Finch to maintain credit ratings on its $400 million in debt.
Then, on November 8, 2002, Nash Finch issued a press release entitled "Nash Finch Explains Postponement of Earnings Release" which disclosed an SEC inquiry into its accounting practices. Once this news was revealed, Nash Finch's stock collapsed to $7.60 before closing at $8.18, some 70% below the Class Period high of $28.85. It was also noted in November 2002, that Nash Finch's former CFO had sued the Company claiming he was fired in 2000 for refusing to manipulate Nash Finch's reported financial results.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than February 3, 2003 to serve as a Lead Plaintiff for the Class. In order to serve as a 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.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
More information on this and other Class Action Lawsuits can be found at www.primezone.com/ca