Wechsler Harwood Halebian & Feffer LLP Announces Class Action Suit Against Lumenis (Nasdaq: LUME)
PRNewswire
NEW YORK
Apr 8, 2002
The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action has been commenced on behalf of an investor in the United States District Court for the Southern District of New York on behalf of purchasers of Lumenis Ltd. ("Lumenis" or the "Company") (NASDAQ: LUME) who publicly traded securities between January 7, 2002 and February 28, 2002, inclusive (the "Class Period").
The complaint alleges that defendants, Lumenis and certain of its officers, 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. Specifically, the complaint alleges that throughout the Class Period, defendants discounted and disputed marketplace rumors about its operations even as it knew it was being investigated by the SEC and that its distributors had been contacted by the SEC. Additionally, even after announcing in a press release that it was subject to an SEC investigation, the Company continued to hide the fact that it had been aware of the SEC investigation and had been providing information to the SEC for several weeks.
On February 28, 2002, Lumenis revealed the facts concerning the SEC investigation in a conference call. These shocking revelations caused the stock to plummet 30% in one day and more than 69% from its Class Period high; resulting in damages to plaintiff and members of the class.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than May 10, 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. S 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 Shareholder Relations
Department, +1-877-935-7400, clowther@whhf.com
Website: http://www.whhf.com/