INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP IS INVESTIGATING A POTENTIAL SHAREHOLDER CLASS ACTION AGAINST CSK AUTO CORP - CAO
New York, NY July 10, 2006 - Murray, Frank & Sailer LLP is investigating a potential class action on behalf of shareholders who purchased or otherwise acquired the securities of CSK Auto Corp. (“CSK Auto” or the “Company”) (NYSE: CAO) between September 2, 2004 to March 24, 2006, inclusive (the “Class Period”).
Join the Case
The complaint would charge CSK Auto and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CSK Auto operates as a specialty retailer of automotive aftermarket parts and accessories in the United States.
The complaint would allege that during the Class Period, defendants issued false statements about CSK Auto's earnings, assets and business prospects causing the Company's stock to trade at artificially inflated levels. While the Company's stock was artificially inflated due to defendants' false statements, certain officers and directors sold 75,106 shares of their CSK Auto stock for proceeds of $1.1 million.
Then on March 27, 2006, before the market opened, the Company issued a press release announcing that it would postpone the release of its fourth quarter and fiscal 2005 financial results. The postponement was necessary to provide adequate time for the Company to conduct a thorough review of certain accounting errors and irregularities discovered in the course of its ongoing assessment of internal control over financial reporting and an internal audit. On this news, CSK Auto stock dropped $1.26 to $14.64 per share, after hitting a low of $14.40 per share.
According to the complaint, the true facts, which were concealed by defendants during the Class Period, were as follows: (a) CSK's financial statements were unreliable and its internal controls were inadequate; and (b) the Company's published financial statements violated Generally Accepted Accounting Principles.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired CSK Auto securities on any world exchange between September 2, 2004 to March 24, 2006 and sustained damages, you may, no later than August 8, 2006, 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. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]