NEW YORK, June 4, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of all purchasers of Daisytek International Corp. (``Daisytek'' or the ``Company'') (Nasdaq:DZTK) common stock during the period from November 9, 2001 through April 28, 2003, inclusive (the ``Class Period'').
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/Daisytek_healthcare/Daisytek.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges Daisytek and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period -- of artificially inflating the price of Daisytek's shares.
Daisytek issued a series of material misrepresentations to the market concerning the Company's financial condition during the Class Period. Specifically, Daisytek failed to disclose: (1) that the Company had materially overstated its financial results through its improper accounting of uncollectible receivables and vendor rebate receivables; (2) that the Company's accounting practices were in violation of generally accepted accounting principles (``GAAP''); (3) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times. When this news hit the market on April 28, 2003, Daisytek share price fell over 70%.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than July 29, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the ``PSLRA''), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:
Ira M. Press, Esq. Elaine Mui KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: emui@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca