NEW ORLEANS, Oct. 15, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Atlas Mining Company ("Atlas" or the "Company") (OTCBB:ALMI) who purchased shares of the Company between March 31, 2005 and October 9, 2007 (the "Class Period"), have until December 11, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the District of Idaho. No class has yet been certified in this action.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY.
If you purchased securities of Atlas between the announced Class Period dates above, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or email to lewis.kahn@kgscounsel.com to learn about your legal rights and how this action may benefit you. For further information on KGS, please visit http://www.kgscounsel.com.
The complaint charges Atlas and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading financial statements. Particularly, on October 9, 2007, Atlas announced that it would restate its financial statements for each of the reporting periods from 2004 through the current fiscal quarter as the result of improper revenue recognition practices, among other violations of generally accepted accounting principles. Moreover, Atlas announced it was suspending all activities at its Dragon Mine pending a review. These announcements caused Atlas' stock price to instantly fall to half its value, shaving millions of dollars off the Company's market capitalization.
SPECIAL NOTICE: Courts will generally appoint only one law firm to prosecute a securities class action on behalf of the shareholders based upon the amount of losses its "lead plaintiffs" have suffered. Accordingly, while KGS urges you to sign up with the firm, KGS also encourages you to carefully evaluate any other firm you may consider to represent your interests in the Atlas class action, should you be considering another firm. Critical components of a law firm's ability to successfully prosecute this action and obtain a strong recovery for you include the resources it will dedicate to prosecution of the case, including the number of lawyers the firm has available for the Atlas action in particular, AND especially the quality of the firm's work. Interested shareholders are encouraged to call for consultation and to request more information about KGS.