NEW YORK, March 21, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed on behalf of purchasers of Interstate Bakeries Corporation ("IBC" or the "Company") (NYSE:IBC) common stock during the period September 17, 2002 and December 17, 2002, inclusive (the "Class Period").
If you purchased IBC securities during the Class Period, you may, no later than April 21, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at http://www.nyclasslaw.com/join.html.
The Complaint alleges that defendant violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of IBC securities. The complaint charges that defendants, the Interstate Bakeries Corporation ("IBC" or the "Company"), Charles A. Sullivan ("Sullivan"), James Elsesser ("Elsesser"), Michael Kafoure ("Kafoure") and Frank Coffey ("Coffey"), violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between September 17, 2002 and December 17, 2002. Specifically, that press releases, SEC filings and disclosures distributed by the Company as early as September 17, 2002, were each materially false and misleading because they failed to disclose that IBC had, among other things, failed to properly manage the Company with respect to price controls.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of IBC securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at http://www.nyclasslaw.com.
For an information package (http://www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.