SAN FRANCISCO, Dec. 30 /PRNewswire/ -- Gold Bennett & Cera LLP today announced that a class action was filed in the United States District Court for the District of New Hampshire (C-99-610-JD) on behalf of all persons who purchased the common stock of Tyco International Ltd. ("Tyco") (NYSE: TYC) between October 1, 1998 and December 8, 1999, inclusive (the "Class Period"). The plaintiff is represented by the San Francisco law firm of Gold Bennett & Cera LLP. For over 30 years, Gold Bennett & Cera LLP and its predecessors have successfully engaged in commercial litigation, including shareholder, consumer and antitrust class actions, in federal and state courts throughout the United States, recovering hundreds of millions of dollars for its clients. The action charges Tyco and two of its highest ranking officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Rule 10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements concerning Tyco's financial condition and future growth prospects that caused Tyco's stock to be artificially inflated. Specifically, the complaint alleges that Tyco misled the investing public by failing to reveal that companies that had agreed to be acquired by Tyco had slowed their revenue growth or wrote off significant assets in the quarter immediately before being acquired by Tyco. This allegedly permitted Tyco to report higher earnings growth in subsequent periods. The complaint alleges that these deceptive and overly aggressive accounting practices permitted Tyco to provide the market with a false and misleading picture of Tyco's revenue and earnings growth. Prior to the disclosure of the adverse facts described above, certain Tyco insiders allegedly sold over 2.8 million shares of Tyco to the investing public at artificially inflated prices for proceeds of approximately $281 million. If you are a member of the Class described above, you may, no later than February 7, 2000, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact Steven O. Sidener, Esq. or Steven J. Mulligan, Esq. of Gold Bennett & Cera LLP, 595 Market Street, Suite 2300, San Francisco, California 94105, by telephone at 800-778-1822 or 415-777-2230, by facsimile at 415-777-5189 or by e-mail at firstname.lastname@example.org.
SOURCE Gold Bennett & Cera LLP