LITTLE ROCK, Ark., March 7, 2001 (PRIMEZONE) -- The deadline for purchasers of Hamilton Bancorp, Inc. ("Hamilton" or the "Company") (Nasdaq:HABK) securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Hamilton securities between April 21,1998 and December 22, 2000, inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Southern District of Florida, Miami Division by March 13, 2001. The case number is 01-0156-CIV-Gold, and the Honorable Alan S. Gold is the Judge presiding over the case.
The Complaint, filed by a client of the Law Firm of Cauley Geller Bowman & Coates, LLP, alleges that defendants violated the federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, and as a result, the price of Hamilton securities were artificially inflated during that time. Specifically, the complaint alleges that the Company repeatedly reported "record" financial results during the Class Period, causing the stock to reach a high of $29 per share in January 1999. On November 2, 2000, the Company reported its financial results for the third quarter of 2000 and disclosed that its results were impacted by an increase in the provision for loan losses of $11.5 million, a write-down of an investment security of $4.3 million, and one-time provisioning for legal reserves of $3.3 million. The complaint charges that in response to this disclosure, the Company's stock plummeted over 35%. This, however, was not the full extent of the Company's problems. The complaint further alleges that on December 22, 2000, after the close of the market, the Company shocked investors by announcing that it would be restating its previously reported financial results for fiscal years 1998, 1999 and a portion of fiscal 2000. In response to this announcement, on December 26, 2000, the next trading day, the price of Hamilton common stock traded at slightly over $6.50 per share, well below its Class Period high.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by March 13, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com .
CAULEY GELLER BOWMAN & COATES, LLP Sue Null, Charlie Gastineau or Jackie Addison 11311 Arcade Drive, Suite 200 Little Rock, AR 72212 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca