BALA CYNWYD, Pa., April 14, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Imperial Chemical Industries PLC ("ICI" or the "Company") (NYSE:ICI) between August 1, 2002 and March 24, 2003, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District of New York against the company and certain of its officers and directors. The complaint alleges that between August 1, 2002 and March 24, 2003, ICI issued a series of materially false and misleading statements to the market regarding its business and financial condition. The complaint further alleges that defendants issued a number of press releases in which they stated that they had resolved ICI's distribution and software problems it had experienced at its Quest division's Fragrance & Food businesses, that ICI was on track to report strong financial results, that ICI had cleared its backlog of customer orders and that ICI had not lost any customers as a result of its production problems. The Complaint alleges that these statements were materially false and misleading because they failed to disclose and/or misrepresented certain adverse facts.
On March 25, 2003, before the open of trading, ICI shocked investors when it issued a profit warning that its first quarter profit would drop approximately 24%. Following this announcement, shares of ICI fell from a close of $9.60 per share on March 24, 2003 to a close of $5.60 per share on March 25, 2003.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between August 1, 2002 and March 24, 2003 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca