DONOVAN SEARLES, LLC.The Complaint alleges that, during the Class Period, DURA and certain of its officers and directors (collectively, the "Defendants") violated Section 10(b) of the Securities Exchange Act of 1934, by among other things, issuing materially false and misleading statements to the investing public regarding Dura’s business, operations, financial condition and performance.
On February 24, 1998, Dura shocked the market by revealing that it expected much lower than forecast 98 revenues and 98 earnings per share. Even though the Dow Jones average went up 87.7 points on February 25, 1998, Dura’s stock price collapsed from $39-1/8 on February 24 to $20-3/4 on February 25, a decline of 46% in one day on 32 million shares of volume. In the months preceding this revelation, several of Dura’s insiders sold in excess of 390,000 shares of Dura stock, for proceeds of more than $16 million. The Complaint alleges that, as a result of the Defendants’ material misrepresentations, the price of Dura’s common stock was artificially inflated, causing damages to purchasers during the Class Period.
If you are a member of the class described above, you may move the court to serve as lead plaintiff within 60 days of January 27, 1999. If you wish to discuss this action or any other securities we are investigating, or have any questions concerning your rights, please contact Michael D. Donovan at Donovan Searles, LLC, 1845 Walnut Street, Suite 1100, Philadelphia, PA 19103; phone: (800) 619-1677 or (215) 732-6067; e-mail: mdonovan@donovansearles.com, or by clicking here.
