BALA CYNWYD, Pa., March 8, 2002 (PRIMEZONE) -- A shareholder sued National Golf Properties, Inc. (NYSE:TEE) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Central District of California and seeks damages for violations of federal securities laws on behalf of all investors who bought National Golf Properties, Inc. securities between April 1, 1999 through November 14, 2001(including all purchases in or pursuant to the Company's May 17, 2001 secondary offering) (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 National Golf Properties, 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 charges National Golf Properties, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. The complaint alleges that David G. Price ("Price") misappropriated funds from a publicly traded company and funneled them to himself via a scheme of complicated financial dealings involving National Golf and a variety of Price-controlled entities. Price-controlled entities conduct substantial business with National Golf, to the detriment of National Golf's shareholders. Price's plan culminated in a May 2001 secondary offering that generated over $31 million from plaintiff and other Class members which went to a Price-controlled entity, Oaks Christian High School.
Defendants allegedly violated the Securities Act of 1933 by issuing a false and misleading Registration Statement and Prospectus, which became effective May 17, 2001, and included materially false and misleading financial statements, and other false and misleading statements, pursuant to which 1.175 million shares of National Golf common stock were sold to plaintiff and other members of the Class.
Defendants allegedly violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the business and financial operations of National Golf with the intent and having the effect of substantially inflating the trading price of National Golf common stock.
If you purchased National Golf Properties, Inc. securities between April 1, 1999 through November 14, 2001(including all purchases in or pursuant to the Company's May 17, 2001 secondary offering), you may be a member of the class and have until April 16, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway 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.