BALA CYNWYD, Pa., Feb. 13, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Blockbuster, Inc. ("Blockbuster" or the "Company") (NYSE:BBI) between April 24, 2002 and December 17, 2002, inclusive (the "Class Period").
The case is pending in the United States District Court for the Northern District of Texas, Dallas Division against the company and certain of its officers and directors.
The action charges that the Company issued a series of materially false and misleading statements regarding Blockbuster's business and financial condition during the Class Period. Specifically, the Complaint alleges that at the time that the false and misleading statements were made, defendants omitted, inter alia, adverse facts regarding the negative impact that declining DVD prices was having on the Company's business; that Blockbuster was unable to effectively compete with other retailers for sales of DVDs; that growth at certain Blockbuster stores was below the growth rate that had been promised to investors; and that Blockbuster was experiencing problems with certain movie studios with whom Blockbuster had a profit-sharing relationship. As a result of the foregoing, Blockbuster lacked a reasonable basis for its earnings projections and positive statements about the Company at all times.
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 purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between April 24, 2002 and December 17, 2002 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.