Wechsler Harwood Halebian & Feffer LLP Announces Class Action Suit Against Actrade Financial Technologies, Ltd. (NYSE: ACRT)
PRNewswire
NEW YORK
Mar 1, 2002
The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Actrade Financial Technologies, Ltd. ("Actrade" or the "Company") (NASDAQ: ACRT) between March 11, 1999 and February 8, 2002, inclusive, (the "Class Period") against defendants Actrade and certain of its officers.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. The complaint further alleges that throughout the Class Period, defendants stated that the Company provided short-term loans to businesses to finance commercial transactions. The complaint further alleges that these statements were false and misleading because defendants knew, or recklessly disregarded, that the Company had also loaned millions of dollars to individuals for non-commercial purposes, defrauded its sureties into providing coverage for these loans, and had overstated its financial results based on these fraudulent lending practices.
Plaintiff seeks to recover damages on behalf of class members.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than April 16, 2002, move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff."
The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. - 78u-4). You may move the Court to serve as lead plaintiff through counsel of their choice (and need not necessarily do so through plaintiff's counsel). (15 U.S.C. 78u-4(a)(3)). At this stage, providing information or communicating with counsel is unnecessary to participate in any recovery resulting from this litigation.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (http://www.whhf.com/) has more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whhf.com
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: Craig Lowther of Wechsler Harwood Halebian & Feffer LLP,
+1-877-935-7400, clowther@whhf.com
Website: http://www.whhf.com/