LITTLE ROCK, Ark., June 3, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action lawsuit has been filed in the United States District Court for the Eastern District of Texas, Sherman Division, located at 101 E. Pecan Street, Sherman, TX 75090, on behalf of purchasers of Daisytek International Corporation (Nasdaq:DZTK) ("Daisytek" or the "Company") publicly traded securities during the period between November 9, 2001 and April 28, 2003, inclusive (the "Class Period").
The complaint charges Daisytek and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants were improperly accounting for uncollectible customer accounts receivables and vendor rebates receivables to inflate the Company's financial results and its stock price.
Daisytek is a global distributor of computer and office supplies and professional tape products. Due to Daisytek's favorable reported results, defendants were able to secure financing essential to the Company. The Company subsequently disclosed it would record "significant" write-downs of customer and vendor receivables and inventory and large restructuring charges. After this announcement, the Company's stock dropped to $0.53. The Company subsequently announced the resignation of its CEO and its CFO.
If you purchased Daisytek common stock between November 9, 2001 and April 28, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court for such status. If you are a member of this class, you can join this class action by contacting Emerson Poynter. Any member of the purported class may move the Court to serve as lead plaintiff through Emerson Poynter or other counsel of their choice.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
EMERSON POYNTER LLP John G. Emerson Scott E. Poynter