SOURCE: Brower Piven, A Professional Corporation
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October 28, 2009 15:48 ET
Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in R.H. Donnelley Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 22, 2009 Lead Plaintiff Deadline
BALTIMORE, MD--(Marketwire - October 28, 2009) - Brower Piven, A Professional Corporation
announces that a class action lawsuit has been commenced in the United
States District Court for the District of Delaware on behalf of purchasers
of the publicly traded securities of RH. Donnelley Corporation ("RH
Donnelley" or the "Company") (PINKSHEETS: RHDCQ) during the period between,
July 26, 2007 and May 28, 2009, inclusive (the "Class Period").
No class has yet been certified in the above action. Members of the Class
will be represented by the lead plaintiff and counsel chosen by the lead
plaintiff. If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff no later than December 22,
2009 and be selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether to
accept a settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in the Company during the Class
Period. You are not required to have sold your shares to seek damages or
to serve as a Lead Plaintiff. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/986-0036) to answer any questions you may
have in that regard.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the Company's failure to disclose during
the Class Period that the Company was not adequately reserving for its bad
debts in violation of GAAP, causing its financial results to be materially
misstated; that the Company was experiencing lower advertising revenue not
only due to cyclical challenges, as represented, but was also due to a
permanent shift in customers moving away from print yellow pages
advertising; and the true extent of the Company's exposure to liquidity
concerns and ratings downgrades such that the Company had no reasonable
basis to make projections about its 2008 results. According to the
complaint, as the truth began to evolve until the Company filed for
bankruptcy on May 29, 2009, the value of RH Donnelley's stock declined
significantly.
If you have suffered a net loss for all transactions in RH Donnelley
publicly traded securities during the Class Period (including shares or
possibly calls purchased during, but not sold until after the end of the
Class Period or possibly put options sold but not covered until after the
end of the Class Period), you may obtain additional information about this
lawsuit and your ability to become a lead plaintiff by contacting Brower
Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-986-0036, or at Brower Piven, A Professional Corporation, The
World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If you
choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.
You need take no action at this time to be a member of the class.