HOUSTON, June 20, 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 Middle District of Tennessee, on behalf of purchasers of Central Parking Corporation ("Central Parking" or the "Company") (NYSE:CPC) publicly traded securities during the period between November 4, 2002 and February 13, 2003, inclusive (the "Class Period"). A copy of the complaint can be obtained from the Court or by making a toll-free call to the Firm.
The Complaint alleges that defendants 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 between November 4, 2002 and February 13, 2003, thereby artificially inflating the price of Central Parking common stock. The Complaint alleges that these statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that the Company's internal controls were inadequate to record and document the Company's financial results; (b) that the Company was materially understating its bad debt reserve, thereby overstating its earnings; (c) that the Company as materially understating its accounts payable, thereby overstating its financial condition; and (d) as a result of the foregoing, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles and, therefore, were materially false and misleading.
On February 14, 2003, Central Parking shocked the market when it announced that it would be taking a charge to increase its bad debt reserve and that it would be taking a charge to increase its accounts payables. In response to this announcement, the price of Central Parking common stock dropped from $15.82 on February 13, 2003 to a close of $12.31 on February 14, 2003, or a single-day decline of more than 22%, on more than seven times normal trading volume. If you purchased Central Parking securities between November 4, 2002 and February 13, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court through Emerson Poynter or other counsel of your choice, not later than August 18, 2003. If you are a member of this class, you can join this class action by contacting Emerson Poynter via e-mail or calling toll-free.
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. John G. Emerson, Emerson poynter LLP, 830 Apollo Lane, Houston, TX 77058. Phone (281) 488-8854.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.