NEW YORK, Aug. 20, 2004 (PRIMEZONE) -- The Brualdi Law Firm announces that it has filed a class action lawsuit on behalf of purchasers of the securities of PetMed Express, Inc. ("PetMed" or the "Company") (Nasdaq:PETS) between June 18, 2003, and July 26, 2004, inclusive (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint filed in this action is available from the court, or from The Brualdi Law Firm (212) 952-0602.
The action is pending in the United States District Court for the Southern District of Florida against the Company, Menderes Akdag, Marc Puleo, and Bruce S. Rosenbloom ("Defendants").
The complaint alleges that throughout the Class Period, Defendants violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder. The complaint states that Defendants issued a series of statements to the market regarding the Company's financial results and operations, but failed to disclose and/or misrepresented that: (1) the Company's business model enabled the company to experience sustained financial growth since the model shifted costs to veterinarians (who are the Company's competitors), (2) the business model made the Company dependent on the cooperation of veterinarians to fill prescriptions, (3) the defendants could not guarantee the quality, safety or efficacy of PetMed drugs because, as an unauthorized reseller of many products, the Company had to obtain such products through unauthorized channels, prompting veterinarians to refuse refilling prescriptions through PetMed, and (4) as a result, the Company's financial results were not sustainable, causing the stock to trade at artificially high prices. During the class period while PetMed's stock price was inflated, Defendants and Company insiders sold almost $65 million in privately held PetMed's stock.
If you bought the securities of PetMed between June 18, 2003, and July 26, 2004, and sustained damages, you may, no later than October 18, 2004, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain The Brualdi Law Firm, or other counsel of your choice, to serve as your counsel in this action. The Brualdi Law Firm (www.brualdilawfirm.com) is a firm active in major litigations pending in federal and state courts throughout the United States. It has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for many years. Please contact the The Brualdi Law Firm website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Richard B. Brualdi, Esq. Gaitri Boodhoo, Esq. The Brualdi Law Firm 29 Broadway, Suite 2400 New York, NY, 10006 Phone number: (877) 495-1187 Email: rbrualdi@brualdilawfirm.com