NEW YORK, March 2, 2004 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud class action on behalf of purchasers of InterBank Funding Corp. ("IBF") securities from February 12, 1999 through July 25, 1999, inclusive, against Simon A. Hershon, Radin Glass & Co., and CIBC World Markets Corp. A copy of the complaint is available from the U.S. District Court for the District of Columbia.
Plaintiffs allege, inter alia, that the defendants made materially false and misleading statements in connection with the sale of IBF securities. Specifically, the offering materials and other disclosure documents related to IBF securities were misleading as to IBF's cash flow, return statistics, and loan losses; the source of interest payments made by IBF to its investors; and IBF's failure to register as an investment company. As a result of the defendants' misrepresentations, the investing public was led to believe that the IBF funds were performing much better than they actually were and the price of IBF securities was artificially inflated.
A lead plaintiff has already been appointed in an action brought on behalf of purchasers of IBF securities from July 26, 1999 through June 7, 2002 and it is possible that the Court may consolidate the cases and not deem it necessary to appoint a separate lead plaintiff for the February 12, 1999 -- July 25, 1999 class period. However, if any member of the class who purchased IBF securities during the period February 12, 1999 through July 25, 1999, inclusive, desires to be appointed lead plaintiff in this class action, he or she must file a motion with the Court no later than May 3, 2004. Class members who are interested in serving as lead plaintiff in this action, or other persons who have questions or information regarding this action, should call or write: