LOS ANGELES, June 20, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Blue Rhino Corporation ("Blue Rhino" or the "Company") (Nasdaq:RINO) between August 15, 2002 and February 5, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Blue Rhino and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning the Company's business operations and financial performance caused Blue Rhino's stock price to become artificially inflated, inflicting damages on investors. Blue Rhino provides propane cylinder exchange and complementary propane and non-propane products to consumers through a national network of independent distributors. The complaint alleges that, during the Class Period, defendants failed to disclose known facts, or facts that defendants should have known, including: (1) that distributers which the Company acquired on November 22, 2002, were not healthy, highly profitable and independent of the Company as portrayed by Blue Rhino; (2) that the Company misrepresented the purchase price of these acquisitions as totaling only $21 million when, in fact, the true price of the acquisitions was $32 million; (3) that the Company was beginning to see a decline in earnings from the National Fire Protection Association's "overfill protection device" regulations; (4) that the Company's earnings projections were lacking in any reasonable basis when made; and (5) that the false and misleading information disseminated by the defendants caused Blue Rhino's securities to trade at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 18, 2003, 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 with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.