Stockholders v Advanced Marketing Services, Inc.
Advanced Marketing Services Shareholders Sue Over Alleged Misleading Statements
Several class actions have been filed against book wholesaler Advanced Marketing Services, Inc. (NYSE: MKT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 16, 1999, and January 13, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
During the applicable period, Advanced Marketing Services stock traded as high as $25.00 before it announced that it would restate its previously filed financial statements for each of the fiscal years in the five-year period ending March 31, 2003. The false and misleading statements the defendants are alleged to have issued concern the company's net income, advertising revenue and related costs. Advanced Marketing has announced that the amount of net income that was erroneously stated and will have to be reversed might be more than 10 percent of all net income reported during the affected period.
If you bought Advanced Marketing Services publicly traded securities during the applicable period, and you wish to serve as lead plaintiff, you must request appointment by the Court no later than March 16, 2004. Any member of the purported class may request appointment as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
