PHILADELPHIA, March 5, 2004 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Eastern District of New York, against Adecco S.A. ("Adecco" or the "Company") (NYSE:ADO) and certain of its officers and directors on behalf of purchasers of its publicly traded securities between March 16, 2000 through January 12, 2004, inclusive (the "Class Period").
The Complaint alleges that during the Class Period, defendants violated the federal securities laws by issuing materially false and misleading financial information contained in Adecco's public filings, press releases and other public statements. The Complaint alleges that the Company's revenues and earnings were artificially inflated due to improper accounting practices. On January 12, 2004, Adecco announced the delay in the completion of an audit of the Company 's 2003 financial results. The Company's 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." As a result of this disclosure, the Company's stock price dropped more than 30%.
If you purchased Adecco securities during the Class Period, you may, no later than March 16, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Adecco securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C., at: (classaction@srk-law.com) for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit: (http://www.srk-law.com/dbjoinaclassaction.asp). If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at (888) 844-5862 or via e-mail at: (classaction@srk-law.com). For more detailed information about the firm please visit its website at: (http://www.srk-law.com).
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.