LeBlanc & Waddell, LLC Announces Class Action Lawsuit Against A.C.L.N. Ltd.
BATON ROUGE, La.--Jan. 10, 2002--A shareholder has sued A.C.L.N. Ltd. , claiming the company artificially inflated its share price by misleading the investing public, the law firm of LeBlanc & Waddell LLC said today.The complaint was filed December 27, 2001 in the U.S. District Court for the Southern District of New York and seeks damages for violations of federal securities laws on behalf of all investors who bought ACLN stock between June 29, 2000 and December 20, 2001.
The complaint accuses ACLN, a wholesale automobile dealer and shipper based in Belgium, of violating sections 10(b) and 20(a) of the Securities Exchange Act of 1934. It claims that the company, Chairman Joseph Bisschops and two other top officers issued a series of false and misleading statements about its business and financial results during the Class Period.
Specifically, some complaint allegations concern the company's purported ownership of a $6 million cargo ship named the Sea Atef. Though the company said it owned the vessel - and wrote off $1.8 million a year in connection with the asset - the complaint maintains that the ship actually was property of the Sea Atef Shipping Co. Ltd., a company on whose board Bisschops sits.
Other allegations focus on discrepancies in the company's filings with the Securities and Exchange Commission and other public statements, including:
| -- | Bisschops' failure to properly report the apparent disposition of 27% of the company's stock; |
| -- | Conflicting reports about the company's expenses in 2000, including payments to a company controlled by Bisschops for "administrative services;" and |
| -- | Inconsistent reports on the company's new car sales for the first quarter of 2001. |
When TheStreet.com published an investigative report on December 20, 2001 detailing these discrepancies, ACLN stock plunged more than 64%, from $26.11 to $9.40 per share. The following day, J.P. Morgan downgraded shares of ACLN due to lack of confidence in the company and its management, including the company's inability to confirm that it had $117 million in cash as it claimed. Trading of ACLN stock was subsequently halted; the last shares sold before trading was suspended were priced at $6.56.
If you purchased ACLN common stock during the period June 29, 2000 through December 20, 2001, you may wish to contact the following attorneys at LeBlanc & Waddell LLC to discuss your rights and interests:
Roger LeBlanc, Esq.
Chad A. Dudley, Esq.
LeBlanc & Waddell, LLC
5353 Essen Lane, Suite 420
Baton Rouge LA 70809
rogerleblanc@lw-law.net
800/988-3514
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than February 19, 2002. You may contact the attorneys at LeBlanc & Waddell LLC to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
With offices in Baton Rouge, New Orleans, Shreveport, Monroe and Slidell, Louisiana, LeBlanc & Waddell, LLC represents investors in securities class action lawsuits and has experience in prosecuting class actions. The firm prides itself on its responsiveness to shareholders and their needs in each case.