SOURCE: Johnson & Perkinson

March 06, 2008 14:37 ET

Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Officers of Charys Holding Company

SOUTH BURLINGTON, VT--(Marketwire - March 6, 2008) - Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming officers of Charys Holding Company ("Charys") (PINKSHEETS: CHYS). The action, docket numbered 08-CV-0528, was filed in the United States District Court for the Northern District of Georgia. Individuals, families, trusts or other entities that purchased Charys common stock between March 30, 2006 and August 14, 2007, inclusive, have the opportunity to participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by April 21, 2008.

Johnson & Perkinson, a litigation boutique law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive Committee in the Global Crossing case.

The complaint alleges that Charys' officers Billy V. Ray, Jr. and Raymond J. Smith violated the Securities Exchange Act of 1934. According to the complaint, defendants engaged in an elaborate accounting fraud in connection with several companies Charys acquired by inappropriately accounting for pre-acquisition revenues and post-acquisition expenses, causing Charys' revenue and gross profit to be overstated during the class period. Additionally, Charys failed to properly disclose the material impairment of goodwill from one of its acquisitions.

If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorneys James F. Conway, III or Eben F. Duval toll free at 1-888-459-7855; via email at; through our website at ; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to not seek appointment as a Lead Plaintiff.

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