HARTFORD, Conn., Dec. 8, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of EVCI Career Colleges Holdings Corp. ("EVCI" or the "Company") (Nasdaq:EVCI) between February 23, 2004 and October 20, 2005 (the "Class Period").
The Complaint alleges defendants violated federal securities laws by issuing a series of materially false statements. Specifically, EVCI omitted and misrepresented material facts concerning the manner in which its educational business was being run, including facts concerning the degree of student support it provided, its admission practices and its graduation rates. EVCI's practices have led to criticism by the New York State Education Department, and adverse action which, when revealed, led to sharp declines in the price of the stock.
If you are a member of the class, you may, no later than February 6, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca