NEW YORK, Feb. 12, 2002 (PRIMEZONE) -- A securities class action lawsuit was filed in the Southern District of Florida, on behalf of all persons who acquired common stock of Tyco International, Ltd. (NYSE:TYC) during the period between December 13, 1999 and February 1, 2002, inclusive (the "Class Period"). A copy of this complaint is available from the court or from Abbey Gardy, LLP. Please contact Nancy Kaboolian, Esq. or Jennifer Haas at 1-800-889-3701 or by email at Jhaas@abbeygardy.com.
The complaint alleges that certain of Tyco's officers and directors violated the Securities Exchange Act of 1934. The complaint charges that during the Class Period, defendants issued false and misleading statements, press releases and SEC filings concerning Tyco's financial condition. These statements had the effect of artificially inflating the price per share of the Company's common stock and other securities.
The complaint alleges that Tyco's representations were false and misleading due to defendant's failure to disclose: (a) hundreds of cash acquisitions during the class period totaling expenditures of several billion dollars; (b) that the individual defendants sold in excess of $155,000,000 of their individual stock holdings in the Company; (c) that Tyco's management procedures were to make large payments to insiders, including a $20,000,000 payment to one director and his charity for furthering the interests of Tyco; and (d) Tyco fostered a corporate atmosphere which encouraged the individual defendants to work for their personal interests rather than those of the Company or its shareholders by offering bonuses to those who acquired companies with high, but short term, profitability.
As the truth regarding the foregoing false and misleading statements began to be revealed on January 28, 2002 the Company's stock price began a rapid decline. Tyco's shares, which closed at $45 on January 27, 2002, had plummeted to $35.63 by the end of the Class Period and are currently trading for under $30 per share.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired securities during the Class Period. If you purchased or otherwise acquired Tyco International, Ltd. common stock during the class period, and you wish to serve as lead plaintiff, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 8, 2002.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email JHaas@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca