NEW YORK, May 30, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announced today that a class action lawsuit has been commenced in the United States District Court of Oregon on behalf of purchasers of TRM Corporation (Nasdaq:TRMM) common stock during the period between Mar 16, 2006, through May 22, 2007 (the "Class Period").
No class has yet been certified in the above action. If you purchased TRM Corporation (TRMM) stock during the Class Period, you may be a member of the proposed Class. You must move the Court on or before July 22, 2008 if you wish to serve as a lead plaintiff. In making your decision, you should take into account that those with large financial losses resulting from the alleged federal securities law violations are given preference in being appointed lead plaintiff.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm P.C., 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint alleges that, throughout the Class Period, defendants issued positive statements about the Company's financial health and performance. As alleged in the complaint, these statements were materially false and misleading because defendants misrepresented and failed to disclose: (a) that the Company's financial results were artificially inflated due to the failure to timely write down certain assets, which were materially overvalued in the Company's financial statements; (b) that the Company lacked adequate internal controls and procedures necessary to ascertain its true financial condition and worth; and (c) as a result of the foregoing, the Company's ability to continue its operations and remain a going-concern was in serious doubt. At the end of the Class Period, the Company provided investors with details about the progress of its restructuring plan and announced new management positions. Following this disclosure, shares of the Company's stock declined dramatically.