BALA CYNWYD, Pa., June 21, 2002 (PRIMEZONE) -- Shareholders of Light Management Group, Inc. (OTCBB:LMGR) ("LMG" or the "Company") who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York must submit an application with the Court by July 1, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Light Management Group, Inc. securities between June 9, 1999 and November 20, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Light Management Group, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Ontario-based Light Management Group, Inc. misrepresented LMG's financial results, and failed to disclose weaknesses in its financial internal controls. Specifically, the complaint alleges that, during the Class Period, financial results for fiscal 1999 were restated twice. Financial results for the first, second, and third quarter of 2000 were each separately restated once. In addition, year-end results for fiscal 2000 were also restated. Independent Auditor Defendants, Slayton (auditor for fiscal 1999) and Feldman Sherb (auditor for fiscal 2000) falsely represented that year-end results had been presented in accordance with generally accepted accounting principles ("GAAP") based upon an audit that was purportedly conducted in compliance with generally accepted auditing standards ("GAAS"). Defendants' misconduct included: (a) booking sales that later had to be reversed; (b) failing to account for escalating costs and non-salary based compensation; ( c) misclassifying inventory as capital equipment; (d) failing to account for expenses incurred by LMG which were paid by related entities in the period incurred; (e) failing to book expenses due to the settlement of debt with related parties; and (f) substantially understating interest expenses.
If you purchased Light Management Group, Inc. securities between June 9, 1999 and November 20, 2001, you may be a member of the class and have until July 1, 2002 to move the court to become a lead plaintiff. 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 Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca