NEW YORK, Aug. 19, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas, Dallas Division, on behalf of all purchasers of Flowserve Corp. (``Flowserve'' or the ``Company'') (NYSE:FLS) securities during the period from October 23, 2001 through September 27, 2002, inclusive (the ``Class Period'').
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/Flowserve/Flowserve.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges Flowserve and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period -- of artificially inflating the price of Flowserve's shares.
On September 27, 2002, the Company warned of a 21% earnings shortfall for the quarter ending September 30, 2002, and cut its full year 2002 earnings guidance by over 60%, to $1.45 per share, from the $2.30 per share earnings guidance shared with investors during road show presentations promoting Flowserve's public offerings less than six months prior. Market reaction to the Company's announcement was swift and severe. Flowserve shares fell over 38% to close at $8.70 on September 27, 2002, a decline of more than 75% from the Class Period high of $34.90 reached on May 2, 2002.
If you are a member of the class described above, you may, no later than October 6, 2003, 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, you can contact:
Pamela Kulsrud, Esq. Elaine Mui 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: emui@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca