NEW YORK, May 16, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Core Laboratories, N.V. ("Core Laboratories" or the "Company") (NYSE:CLB) securities between May 6, 2002 and March 31, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Core Laboratories' financial results and business prospects and/or omitting to disclose material facts necessary to correct these statements. Specifically, the complaint alleges that Core Laboratories failed to disclose, among other facts, that: (i) the Company had materially overstated its net income and earnings per share by, among other things, issuing duplicate invoices; (ii) that the Company had overstated its ability to collect on certain accounts receivable; and (iii) the Company had improperly delayed the booking of expenses and foreign exchange translation losses from certain field locations. As a result, the price of the Company's securities were artificially inflated throughout the Class Period. On March 31, 2003, however, the Company shocked the market when it announced it would be restating its financial results for prior 2002 quarterly operating results. Upon this revelation, Core Laboratories' common stock fell in excess of 12% on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Core Laboratories securities between May 6, 2002 and March 31, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Core Laboratories securities during the Class Period, you may, not later than June 9, 2003, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com TICKER: NYSE: CLB
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca