Class Action Lawsuit Against Turbodyne Technologies, Inc. Filed
8 February 1999
Law Offices of Lionel Z. Glancy Files Class Action Lawsuit Against Turbodyne Technologies, Inc.LOS ANGELES, Feb. 6 -- Pursuant to Section 21(D)(A)(3)(a)(i) of the Securities Exchange Act of 1934, notice is hereby given that the Law Offices of Lionel Z. Glancy has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Turbodyne Technologies, Inc. ("Turbodyne") between March 1, 1997 through January 22, 1999 inclusive (the "Class Period"). Named as defendants are Turbodyne and its President, Chief Executive Officer and Director, Edward Halimi. Turbodyne and its subsidiaries design, develop, manufacture and market proprietary products that enhance performance and reduce emissions of internal combustion engines and manufacture aluminum cast automotive products, including engine components and aftermarket specialty wheels. Turbodyne was, until July 19, 1997, listed on the Vancouver Stock Exchange. The Company commenced listing on the Nasdaq Small Capital Exchange on March 24, 1997. Throughout the time Turbodyne traded on both the Vancouver exchange and Nasdaq, defendants issued a series of public statements portraying Turbodyne as a booming company which was experiencing and would continue to experience rapidly rising sales and profits on its core products and new product offerings. These public statements represented, among other things, that Turbodyne's "breakthrough" technology was protected by more than 30 granted and pending patents in the United States and internationally, that the United States Environmental Protection Agency had certified certain of Turbodyne's products for special urban bus retrofitting projects, that the United Nations endorsed the Company's products and that a United Nations representative accompanied defendant Halimi to London and Moscow to assist in product sales negotiations. The false and misleading nature of defendants' public statements remained undisclosed throughout the Class Period, until Nasdaq announced on January 22, 1999, the last day of the Class Period, that Nasdaq was joining Easdaq in halting trading in Turbodyne stock, while the Easdaq Market Authority initiates disciplinary proceedings against Turbodyne for allegedly issuing false or misleading price sensitive information to the investing public. The Easdaq hearing is scheduled to take place on March 1, 1999 and the NASD hearing is set for February 25, 1999. As a result of the foregoing, Turbodyne's common stock traded during the Class Period at artificially inflated prices as high as approximately $16 per share. Plaintiff seeks to recover damages on behalf of Class members and is represented by the Law Offices of Lionel Z. Glancy, and other firms with significant experience in prosecuting class actions involving corporate fraud. If you purchased Turbodyne stock during the Class Period, you may move the Court, not later than 60 days from January 22, 1999, to serve as lead plaintiff, although you must meet certain legal requirements to do so. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to this lawsuit, please contact Lionel Z. Glancy, Esq. or Tracy L. Thrower, Esq. of the Law Offices of Lionel Z. Glancy, by mail at 1801 Avenue of the Stars, Suite 308, Los Angeles, California 90067, by telephone tollfree at (888) 773-9224 or (310) 201-9150, or by e-mail at lglancy@aol.com.