NEW YORK, Feb. 8, 2006 (PRIMEZONE) -- Roy Jacobs & Associates has filed a lawsuit seeking class action status 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 Jarden Corp. (NYSE:JAH)("Jarden") between June 29, 2005 and January 11, 2006 (the "Class Period").
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The Complaint alleges that Jarden and CEO Martin Franklin ("Franklin") violated the federal securities laws in connection with a scheme to convert hundreds of millions of dollars of convertible stock to common stock, and earn defendant Franklin tens of millions of dollars in restricted stock compensation. Specifically, it is asserted that Franklin misrepresented the business situation and potential of the Holmes Group, Inc. when that company was acquired by Jarden at the beginning of the Class Period. This caused the stock to rise substantially, triggering the personal benefits to Franklin. On January 11, 2006 Jarden announced that Holmes' profit margins and product mix were not what the market had been led to expect. On this news, Jarden's stock fell substantially.
If you purchased Jarden securities during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class. Motions for appointment to the Lead Plaintiff position must be filed no later than April 4, 2006. You are not required to have sold your Jarden securities in order to claim damages, or to serve in this role.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca