Stockholders v Topaz Group, Inc.
Topaz Group Stockholders File Suit Over Alleged Misstatement of Company Finances
Several class actions have been filed against jewelry manufacturer and seller Topaz Group, Inc. (Amex: TPZ) and certain of its officers and directors by stockholders who purchased the company's common stock between March 21, 2002, and August 20, 2003. 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.
The Complaint alleges that Defendants issued a series of false and misleading financial statements which did not comply with generally accepted accounting principles. Specifically, the defendants allegedly reported Topaz' financial position incorrectly by overstating inventory, understating allowances for doubtful accounts, and improperly recognizing revenue. As a result of the defendants' conduct, stockholders who purchased Topaz shares during the applicable period allegedly did so at artificially inflated prices.
If you are a member of the class described above, and would like to serve as a lead plaintiff in the action, you must place your request with the court no later than no later than February 16, 2004. Alternately, you may do nothing and remain a member of the class.
