CLEVELAND, July 7, 2004 (PRIMEZONE) -- Landskroner-Grieco-Madden, Ltd. announces that it has filed a class action lawsuit on behalf of purchasers of securities of Cardinal Health, Inc. ("Cardinal Health" or the "Company") (NYSE:CAH) between and including October 24, 2000 and June 30, 2004 (the "Class Period"). The class action lawsuit is pending in the United States District Court for the Southern District of Ohio, located in Columbus, Ohio. In addition to Cardinal Health, the Complaint names the following officers of the Company as Defendants: Robert D. Walter, George Fotiades, and Richard J. Miller. A copy of the Complaint filed in this action can be obtained from the Court. You may also request a copy of the Complaint by emailing Jack Landskroner at: (jack@landskronerlaw.com).
The Complaint alleges that, during the Class Period, Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of false and misleading statements regarding the financial condition of Cardinal Health and the Company's ability to earn profits during the class period. The Complaint specifically alleges that, throughout the Class Period, Defendants caused Cardinal Health's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. The company failed to properly record the impairment to its investments, misclassified non-operating revenues as operating revenues, causing the Company's financial results to be inflated and giving a misleading picture of the Company to investors.
The Complaint also alleges that Cardinal Health and its top officers inflated the price of the Company's common stock in order to pursue an accelerated securities sale program. Defendants knew that by concealing Cardinal Health's true financial results they could foster the perception in the business community that Cardinal Health was a "growth company," i.e., it was the only way Cardinal Health could post the revenue and earnings per share ("EPS") growth claimed by Defendants. Further, it is alleged that Cardinal Health improperly accounted for investments in its financial statements, such that its financial statements were not a fair presentation of Cardinal Health's results and were presented in violation of Generally Accepted Accounting Principles ("GAAP") and SEC rules.
If you purchased Cardinal Health securities during the Class Period, you may request that the Court appoint you as lead plaintiff not later than 60 days from July 2, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to remain an absent class member.
Landskroner-Grieco-Madden, Ltd. Is a Cleveland, Ohio-based law firm whose practice areas include securities fraud and consumer class action litigation. Jack Landskroner is a board certified trial advocate by the National Board of Trial Advocacy and has been counsel of record in class action cases litigated across the country and in Ohio. For more information or questions about our pending action against Cardinal Health or about Landskroner-Grieco-Madden, Ltd., please contact Jack Landskroner at 866-522-9500 (toll-free), by e-mail at jack@landskronerlaw.com or at 1360 West 9th Street, Suite 200, Cleveland, Ohio 44113 or visit its website at: (http://www.landskronerlaw.com).