BALA CYNWYD, Pa., July 16, 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 PolyMedica Corporation ("PolyMedica" or the "Company") (Nasdaq:PLMD) between, July 23, 2001 and June 30, 2003 inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the District of Massachusetts.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of the Company's securities. Specifically, the Complaint alleges that throughout the Class Period, PolyMedica understated its operating expenses and overstated its assets, thus creating a false impression of efficiency with the overall effect being that PolyMedica misled investors concerning its growth and earnings.
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 PolyMedica stock between July 23, 2001 and June 30, 2003, 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 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