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Berman DeValerio & Pease: Twinlab Corporation Lawsuit Pending
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Berman DeValerio & Pease: Twinlab Corporation Lawsuit Pending
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HAUPPAUGE, NY -- (INTERNET WIRE) -- 01/03/2001 -- Twinlab Corporation (Nasdaq: TWLB) is the subject of a securities fraud class action now pending in federal court, Berman DeValerio and Pease LLP (www.bermanesq.com) said today.
The lawsuit, which was filed November 30 in the United States District Court for the Eastern District of New York, seeks damages for violations of federal securities laws on behalf of all investors who bought Twinlab stock from April 27, 1999 through November 15, 2000 (the "Class Period").
Twinlab manufactures and markets nutritional supplements. Its main executive offices are in Hauppauge. Berman DeValerio and Pease, which has offices in Boston and San Francisco, has represented defrauded investors in class actions for nearly two decades.
The complaint contends that Twinlab and certain of its officers inflated the company's stock price during the Class Period by overstating its inventory and by failing to account properly for obsolete inventory.
The investing public remained ignorant of these issues until November 15, 2000, when Twinlab issued a news release saying it had turned up inventory shortages of more than $8 million worth of herbal supplements. In addition, the company said it needed to increase inventory reserves by nearly $8 million to account for obsolete and "slow-moving" inventory. At the same time, Twinlab said it was "significantly reducing" its sales projections for the rest of the year because of weakened demand for its herbal products.
The company's stock plunged 35% the next day.
If you purchased Twinlab common stock from April 27, 1999 through November 15, 2000, you may wish to contact Berman DeValerio and Pease to discuss your rights and interests:
Chauncey D. Steele IV
Michael G. Lange
Berman DeValerio and Pease
One Liberty Square, Boston, MA 02109
bdplaw@bermanesq.com
(800) 516-9926
You may also visit us at our website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than January 21, 2001. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action.
With offices in Boston and San Francisco, Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case.
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Contact: Chauncey D. Steele IV
Phone: 800-516-9926
Email: bdplaw@bermanesq.com
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Source:
Internet Wire
www.internetwire.com
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