NEW YORK, Sept. 27, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the District of Minnesota on behalf of all investors who purchased Secured Demand Notes issued by MJK Clearing, Inc. and held such Notes on or about September 27, 2001. The action seeks to recover losses suffered by such investors.
A copy of the complaint is available from the Court or from Kirby McInerney & Squire (www.kmslaw.com ). Please contact us by phone at (888) 529-4787 or by email at rdelosreyes@kmslaw.com for further information concerning the action.
MJK Clearing raised more than $25 million from its sales to investors of the Secured Demand Notes. The complaint alleges that the sales of the Secured Demand Notes were in violation of sections 12 and 15 of the Securities Act of 1933 (the "Securities Act"). Due to such violations, as the complaint alleges, the action seeks recission and compensatory damages.
Claims for violations of the Securities Act are asserted against MJK's senior officers (Todd W. Miller, MJK's President and Chief Operating Officer; Jeffrey L. Houdak, MJK's Chief Financial Office; and Thomas Brooks, MJK's Vice President); members of MJK's Board of Directors (Eldon C. Miller, David B. Johnson, and John E. Feltl); MJK brokers who sold the Secured Demand Notes (Paul Kuehn, Bill Kuehn, Chuck Reynolds, Jeff Rahm Roger Tadson, Pat Maloney, Mark Beese, and Al Gramentz). MJK Clearing is not named as a defendant because it is subject to the protection of "automatic stay" under the bankruptcy code.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than November 26, 2002, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Alice McInerney, Esq. Richard Stone, Esq. Robert de los Reyes, Esq. KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: rdelosreyes@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.