PHILADELPHIA, Jan. 23, 2001 (PRIMEZONE) -- Spector, Roseman, & Kodroff has filed Class Action lawsuits against or asked to investigate the following companies at the request of shareholders who purchased securities during the Class Periods stated below. Investors who purchased any of the following securities during the stated Class Periods are invited to contact us to learn more about these lawsuits. If you wish to discuss these actions or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel Robert M. Roseman or Jeffrey L. Kodroff toll-free at 1-888-844-5862 or via E-mail at classaction@spectorandroseman.com.
Foundry Networks, Inc. (Nasdaq:FDRY) 10/18/00-12/19/00 - The complaint charges that the company misrepresented the problems it was experiencing due to the inability of its customers to raise money. Thus the company made false statements regarding its business and future revenues during October and November 2000, in order for defendants to sell $113 million of Foundry shares at prices as high as $89 per share. On December 19, 2000, the company announced 4th quarter 2000 revenues will decline, which was contrary to what Foundry's CEO had stated publicly weeks before. The price of the stock declined from $30 to $13 per share in a single day.
Bridgestone Corporation (Nasdaq:BRDCY) 3/31/98-8/31/00 - The complaint alleges that Bridgestone disseminated false statements designed to cover-up defects in its steel-belted radial ATX tires manufactured by the company's U.S. subsidiary used principally on Ford Motor Company's Explorer sports-utility vehicles. Notwithstanding defendants' knowledge of thousands of rollover accidents, hundreds of serious injuries and fatalities, defendants made false statements about the effectiveness and integrity of its product design, testing and manufacturing process and safety of its tires, while concealing its growing awareness of the problems with and defects in the ATX radial tires.
Turkcell Iletism Hizmetler, S.A. (Nasdaq:TKC) 7/10/00-9/21/00 - The Complaint charges that defendants issued materially false and misleading information in its Initial Public Offering Registration Statement concerning the churn rate of the Company's mobile telephone customers. The company finally disclosed that at least 200,000 disconnected customers had been excluded from the calculations of the churn rate, so that the actual rate was orders of magnitude higher. As a result, the American Depository Shares of the Company were artificially inflated throughout the class period.
Maxim Pharmaceuticals, Inc. (Nasdaq:MAXM) 11/17/99 - 12/13/00 - The Complaint alleges that the Company's leading drug candidate was Maxamine, a drug to facilitate an immune system mechanism to achieve full anti-tumor and anti-infection potential. Subject to FDA approval, this drug was set to launch in early 2001. On November 17, 1999, Maxim issued a press release announcing that the preliminary single-center results demonstrated a significant difference in overall survival time. Defendants continued to issue false and misleading statements about the effectiveness of the Company's Maxamine drug and its adherence to FDA protocol throughout the Class Period allowing Maxim to complete a public offering on February 28, 2000 at $55 and artificially inflate its stock to a Class Period high of $79.50 on March 1, 2000. Maxim sold 3.2 million shares of its stock as high as $55 for $165 million in proceeds so as to provide it with ample monies to make a large acquisition and fund its operations. On December 12, 2000, information regarding Maxim's testing began to become public, including that Maxim had been concealing a materially negative communication from the FDA suggesting that FDA approval of Maxamine would be impossible. Maxim's stock price dropped precipitously and now trades at $6/share.
Spector, Roseman, & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies. For more detailed information about the firm please visit our website at http://www.spectorandroseman.com.
The Firm is currently representing investors as lead counsel in actions against S3, Inc., Compaq Computer Corp., Dreyfus Aggressive Growth Fund, Mitcham Corporation, Capstead Mortgage and Unisys Corporation. The firm is currently representing businesses as lead counsel in the following antitrust actions: In re Flat Glass Antitrust Litigation; In re Corrugated Paper Antitrust Litigation.
More information on this and other class actions can be found at www.primezone.com/ca