NEW YORK, May 21, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Central District of California on behalf of all purchasers of Avery Dennison Corporation ("Avery" or the "Company") (NYSE:AVY) securities between July 24, 2001 and April 14, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges Avery with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Avery's financial results and business prospects and/or omitting to disclose material facts necessary to correct these statements.
Specifically, the complaint alleges that Avery failed to disclose, among other facts, that: (i) Avery was engaged in an illegal anti-competitive scheme with a leading competitor to drive a more stable price environment within the labelstock industry; (ii) that the Company's financial results were a product of its anti-competitive behavior; (iii) that the Company knew that its anti-competitive behavior could possible subject the Company to regulatory scrutiny on the future of such anti-competitive behavior was discovered; and (iv) that its financial results would be materially impacted if the Company was forced to end its anti-competitive behavior.
On April 14, 2003, however, the United States Department of Justice ("DOJ") announced it had started a criminal investigation into the competitive practices in the labelstock industry and would shortly issue a subpoena to the Company in connection with that investigation. Additionally, on April 15, 2003, the DOJ filed a lawsuit against an Avery competitor, alleging evidence of anti-competitive behavior by Avery and others. On this news, Avery's stock fell in excess of $4.00 per share.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Avery securities between July 24, 2001 and April 14, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Avery securities during the Class Period, you may, not later than July 7, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca