LOS ANGELES, Jan. 16, 2004 (PRIMEZONE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP commenced a Class Action lawsuit in the United States District Court for the Eastern District of New York on behalf of a class (the "Class") consisting of all persons who purchased securities of Adecco SA ("Adecco" or the "Company") (NYSE:ADO) between April 19, 2000, and January 12, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg 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 Adecco and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Adecco's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Adecco is primarily engaged in providing personnel and permanent placement services to businesses throughout North America, Europe, Asia-Pacific and Latin America. The complaint alleges that during the Class Period defendants caused Adecco to report in its public filings, press releases and other public statements favorable financial results by, among other things, artificially inflating the Company's revenue and earnings by improper accounting practices. On January 12, 2004, an Adecco press release announced a delay in the completion of an audit of the Company's 2003 financial results. Moreover, the press release disclosed that the delay was the result of "material weaknesses in internal controls in the Company's North American operations of Adecco Staffing" and "possible accounting, control and compliance issues in the Company's operations in certain countries." News of the Company's accounting problems shocked the market, causing Adecco's stock price to plummet more than 30% on the day the press release was issued.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg 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 March 16, 2004, 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 & Goldberg 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