BALA CYNWYD, Pa., March 13, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of Monterrey Pasta Company (Nasdaq:PSTA) ("Monterey Pasta" or the "Company") from July 11, 2002 through December 16, 2002, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The Complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities & Exchange Act of 1934 by issuing materially false and misleading statements throughout the Class Period concerning the Company's financial performance and future prospects. Specifically, the Complaint alleges that defendants described the Company's dependence on two of its largest customers for continued revenue growth, but failed to disclose that one its major customers had adopted a new pilot purchasing program which would negatively impact the Company's earnings growth in both the short and long- term. When, at the end of the Class Period, defendants finally disclosed that its revenues were being negatively impacted by this new purchasing program, its shares fell $2.59 per share, or 37.8%, to close at $4.26 per share, on extraordinarily high trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than April 14, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca