NEW YORK, Jan. 16, 2004 (PRIMEZONE) -- The Brualdi Law Firm has filed a class action lawsuit in the United States District Court for the Southern District of California on behalf of purchasers of Advanced Marketing Services Inc. ("Advanced Marketing" or the "Company") (NYSE:MKT), common stock between January 16, 1999 and January 13, 2004, inclusive (the "Class Period"). You may obtain a copy of the complaint from the Court or from The Brualdi Law Firm.
The complaint alleges that certain Advanced Marketing senior officers ("Defendants") violated the Securities Exchange Act of 1934. The Company purports to be a wholesaler of general interest books.
During the Class Period, Defendants are alleged to have issued or caused to be issued a series of false and misleading statements to the marketplace resulting in Advanced Marketing's stock price trading at artificially inflated levels. The Company's stock traded as high as $25.00 before it announced that it would restate its previously filed financial statements for each of the fiscal years in the five-year period ending March 31, 2003. The false and misleading statements Defendants are alleged to have issued, or caused to be issued to the marketplace, concern the Company's net income, advertising revenue and related costs. Advanced Marketing has announced that the amount of net income that was erroneously stated and will have to be reversed might be more than 10 percent of all net income reported during the affected period.
Plaintiff seeks to recover damages on behalf of class members and is represented by The Brualdi Law Firm which has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders. The firm's success in securities litigation has resulted in many Courts throughout the country commenting favorably on the significant recoveries it has obtained for shareholders.
If you are a member of the class described above, you may, no later than March 16, 2004, move the Court to serve as lead plaintiff, 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 with respect to this matter, please contact:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca