NEW YORK, Jan. 2, 2002 (PRIMEZONE) -- A shareholder has sued A.C.L.N. Ltd. (NYSE:ASW), claiming the company artificially inflated its share price by misleading the investing public, the law firm of Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The complaint was filed December 27, 2001 in the U.S. District Court for the Southern District of New York and seeks damages for violations of federal securities laws on behalf of all investors who bought A.C.L.N. stock between June 29, 2000 and December 20, 2001.
Berman DeValerio has represented investors in class actions for two decades. To review the complaint and learn more about becoming a lead plaintiff, visit the firm's Website at www.bermanesq.com.
The complaint accuses A.C.L.N., a wholesale automobile dealer and shipper based in Belgium, of violating sections 10(b) and 20(a) of the Securities Exchange Act of 1934. It claims that the company, Chairman Joseph Bisschops and two other top officers issued a series of false and misleading statements about its business and financial results during the Class Period.
Specifically, some complaint allegations concern the company's purported ownership of a $6 million cargo ship named the Sea Atef. Though the company said it owned the vessel -- and wrote off $1.8 million a year in connection with the asset -- the complaint maintains that the ship actually was property of the Sea Atef Shipping Co. Ltd., a company on whose board Bisschops sits.
Other allegations focus on discrepancies in the company's filings with the Securities and Exchange Commission and other public statements, including:
-- Bisschops' failure to properly report the apparent disposition of
27% of the company's stock;
-- Conflicting reports about the company's expenses in 2000,
including payments to a company controlled by Bisschops for
"administrative services;" and
-- Inconsistent reports on the company's new car sales for the first
quarter of 2001.
When TheStreet.com published an investigative report on December 20, 2001 detailing these discrepancies, A.C.L.N. stock plunged more than 64%, from $26.11 to $9.40 per share. The following day, J.P. Morgan downgraded shares of A.C.L.N. due to lack of confidence in the company and its management, including the company's inability to confirm that it had $117 million in cash as it claimed. Trading of A.C.L.N. stock was subsequently halted; the last shares sold before trading was suspended were priced at $6.56.
If you purchased A.C.L.N. common stock during the period June 29, 2000 through December 20, 2001, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests:
Steven Morris, Esq. Michael Lange, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
You may also visit the firm's Website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than February 19, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 31 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.