BALA CYNWYD, Pa., Feb. 5, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Southern District of Florida, Miami Division (02-20182) claims that Rica Foods, Inc. ("Rica" or the "Company") (AMEX:RCF) and directors issued false and misleading statements concerning its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (and/or the Securities Act of 1933) on behalf of all investors who bought Rica Foods, Inc. securities between January 16, 2001 and December 28, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Rica Foods, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the Florida-based Rica Foods, Inc., throughout the Class period, filed documents with the U.S. Securities and Exchange Commission ("SEC"), which failed to disclose that Rica was not in compliance with the credit agreement entered into with Pacific Life Insurance Company on January 16, 2001. The complaint charges that defendants knew that Rica's SEC filings were false and misleading, and further alleges that defendants' misrepresentations caused the price of Rica common stock to be artificially inflated throughout the Class Period.
If you purchased Rica Foods, Inc. securities between January 16, 2001 and December 28, 2001, you may be a member of the class and have until March 11, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca