LOS ANGELES, May 12, 2002 (PRIMEZONE) -- A class action lawsuit was filed in the United States District Court for the District of Oregon on behalf of purchasers of Computerized Thermal Imaging, Inc., ("CTI" or the "Company") (AMEX:CIO), common stock between October 11, 1999 and December 21, 2001, inclusive (the "Class Period").
The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period.
CTI designs, manufactures and markets thermal imaging devices and services used for clinical diagnosis, pain management and industrial non-destructive testing. Their flagship product, a Breast Cancer Detection System ("BCD System"), is currently under review by the FDA. As alleged in the Complaint, CTI admitted that during the Class Period, the Company's ex-President and Chief Operating Officer, David Packer, consistently made representations to the Board, the shareholders of CTI and the public about the status and timing of submissions to the FDA, which were false and misleading at the time they were made and which placed the ultimate approval of the BCD System in jeopardy. As further alleged, due to defendants' deceptive and illegal conduct, plaintiff and the other class members purchased their CTI securities at inflated prices and were damaged thereby.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody, who has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders.
If you purchased CTI securities between October 11, 1999 and December 21, 2001, you may be a member of the class and have until July 9, 2002, to move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Stull Stull & Brody, or counsel of your choice.
If you have any questions concerning this notice or your rights or interests with respect to this matter, please contact Michael D. Braun or Marc L. Godino of Stull, Stull & Brody toll free at 888-388-4605 or via e-mail at info@secfraud.com or visit the firm's web-site at www.secfraud.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.