NEW YORK, May 14, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for Southern District of New York (03 CV 3354) on behalf of all purchasers of the common stock of Core Laboratories, N.V. ("Core" or the "Company") (NYSE:CLB) from May 6, 2002 through March 31, 2003, inclusive (the "Class Period").
The Complaint names as Core, David M. Demshur, and Richard L. Bergmark. The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material statements to the market during the Class Period thereby artificially inflating the price of Core securities.
The Complaint alleges that these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had materially overstated its net income and earnings per share; (ii) that the Company had overstated its ability to collect on certain accounts receivable; (iii) that the Company had improperly delayed the booking of expenses and foreign exchange translation losses from certain field locations; and (iv) that as a result, the value of the Company's net income and financial results was materially overstated at all relevant times.
On March 31, 2003, after the markets had closed trading for the day, the Company shocked the market by announcing that it would be restating its financial results for prior 2002 quarterly operating results. Following this announcement, shares of Core common stock fell $1.31 per share, or more than 12.5%, to close at $9.09 per share.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Core securities during the Class Period. If you purchased or otherwise acquired Core securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Core securities during the Class Period, you may, no later than June 9, 2003 request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
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 Damon Williams or Nancy Kaboolian Esq. of Abbey Gardy, LLP at 800-889-3701or (212) 889-3700. Or e-mail us at dwilliams@abbeygardy.com or nkaboolian@abbeygardy.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca