INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP ANNOUNCES A SHAREHOLDER CLASS ACTION HAS BEEN FILED AGAINST HUFFY CORP. - HUFCQ.PK
New York, NY (PrimeZone) February 18, 2005 - Murray, Frank & Sailer LLP announces that a a class action lawsuit was filed in the United States District Court for the Southern District of Ohio on behalf of all persons who purchased the securities of Huffy Corp. (“Huffy” or the “Company”) (OTC: HUFCQ.PK) between April 16, 2002 and August 13, 2004, inclusive, (the “Class Period”) against defendants Don R. Graber, Timothy G. Howard, Robert W. Lafferty and Paul R. D’Aloia, officers of the Company during the Class Period.
Join the Case
Read the Complaint
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company’s securities.
The statements made by the defendants during the Class Period were materially false and misleading because they failed to disclose and misrepresented the following adverse facts which were then known to defendants or recklessly disregarded by them: (a) that the Company was experiencing problems integrating the McCalla and Gen-X acquisitions such that the Company was experiencing rising expenses and was not generating the benefits from the acquisitions that had been represented to investors; (b) that the Company’s Canadian operations were engaged in improper accounting practices, including failing to properly account for customer returns and overstating the value of its inventory, resulting in the Company overstating its revenues and income; (c) that expenses associated with certain of the Company’s discontinued operations were continuing to mount and were increasingly draining cash from the Company; (d) that, as a result of the foregoing, in addition to continued weakness in the Company’s core lines of business, the Company’s financial condition was dramatically eroding such that it was approaching insolvency and would soon have to file for bankruptcy; and (e) based on the foregoing, defendants lacked a reasonable basis for their positive statements concerning the Company’s increased sales growth and long term growth prospects.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired OfficeMax securities between April 16, 2002 and August 13, 2004, and sustained damages, you may, no later than March 25, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]