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Tag-It Pacific, Inc. (Amex: TAG) distributes a range of
trim items to manufacturers of fashion apparel, retailers,
and mass merchandisers worldwide.
But TAG's investors have recently been stunned with a
series of unsettling disclosures. First, on August 15, 2005,
the Company disclosed that it was going to report a
significant operating loss due to an increase in reserves
for accounts receivable and inventory. Second, one week
later, the Company disclosed its reserves for doubtful
accounts would increase by $6.4 million and its reserves
for inventory obsolescence would increase by $1.55 million.
As a result of these announcements, TAG investors have
suffered significant losses. Investors who purchased TAG
between November 14, 2003 and August 12, 2005 are
affected.
Movie Dreams and Insider Schemes
Pixar (NASDAQ: PIXR) creates, develops and produces
animated films. For months the Company told the market
that DVD sales of its movie, The Incredibles, would be
incredible. During that period, however, Pixar’s President
and CFO together sold over $27 million in Company stock.
Then, on June 30, 2005, the Company issued a press
release lowering second quarter guidance. As a result,
its stock suffered a decline of over 17% in heavy trading.
The stock would suffer another drop after Pixar disclosed
on August 26, 2005 that the SEC had commenced an
investigation in connection with the reported sales of
The Incredibles DVD and had requested information leading
up to Pixar's report of lower earnings. Investors who
purchased Pixar between January 18, 2005 and
August 26, 2005 are affected.
Not Approvable Letter Stings Investors
Barrier Therapeutics (NASDAQ: BTEX) engages in the
discovery, development and commercialization of
pharmaceutical products in the field of dermatology.
Recently, the Company's investors have been stung by
negative announcements and it has been alleged that
the Company did not disclose the true status of its products
in development. Specifically, on May 25, 2005, the Company
announced that it had received a Not Approvable Letter
from the FDA for Zimycan. But more bad news would
follow. On June 29, 2005, Barrier announced that Hyphanox
failed to reach the primary endpoint of its therapeutic cure
in its Phase 3 trial. This announcement stunned the market
and BYRX plummeted approximately 45%. Investors who
purchased BTRX between April 29, 2004 and June 29, 2005
are affected.
If you are an affected investor in Tag-It Pacific, Pixar,
Barrier Therapeutics, or any of the cases listed below under
investigation, you may wish to contact us at
info@securitiessleuth.com to discuss your options.
Cases Under Investigation
Dana Corp (NYSE: DCN)
On September 15, 2005, the Company announced that it
would likely restate second quarter 2005 financial results.
Dana stocked dropped over 22% on this news in heavy
volume. Investors who purchased between April 21, 2004
and October 7, 2005 are affected.
Tempur-Pedic (NYSE: TPX)
On September 19, 2005, Tempur-Pedic lowered its financial
guidance for fiscal 2005. On this news, shares of Tempur-Pedic
common stock fell $4.68 per share, or 28.5 percent, to close
at $11.70 per share. It is alleged that Tempur-Pedic failed
to disclose and misrepresented material adverse facts or
recklessly disregard them. Investors who purchased TPX
between April 22, 2005 and September 19, 2005 are affected.
Andrx Corp. (NASDAQ: ADRX)
On September 6, 2005, the Company stunned the market when
it announced that the FDA had recently placed a halt on
approving Andrx’s drug applications. Investors who
purchased ADRX between March 9, 2005 and
September 5, 2005 are affected.
Lexmark International (NYSE: LXK)
On October 4, 2005 Lexmark stock dropped significantly
after the Company announced its financial results for the
third quarter of 2005 and indicated its fourth quarter would
be significantly below current analysts’ expectations. In
weeks prior to the Company’s disclosure, there was insider
selling, in particular the Company sold approximately
48,000 shares of stock. Investors who purchased between
January 24, 2005 and October 4, 2005 may be affected.
First BanCorp (NYSE: FBP)
First BanCorp shareholders recently have seen their stock
tumble as a result of a series of negative developments.
First, the Company announced that it had received a letter
from the SEC indicating that it was conducting an informal
inquiry into the Company. Second, on September 30, 2005,
the Company announced that its President and CEO was
stepping down, and its CFO had also resigned her position.
Investors who purchased between October 11, 2000 and
September 30, 2005 may be affected.
Settled Cases
Now with respect to settled cases. If you are an affected
investor – you purchased any of these stocks during the
relevant class period, you may wish to contact the claims
administrator to obtain additional information. Remember,
if you don’t submit your claim form, you won’t receive your
proportionate share of recovery.
Metromedia Fiber Network, Inc. (MFNX)
Class Period: January 8, 2001 to July 2, 2001
Claims Deadline: January 27, 2006 Gilardi
Claims Administrator: Gilardi
Micromuse, Inc. (MUSE)
Class Period: January 18, 2001 to May 17, 2004
Claims Deadline: January 9, 2006
Claims Administrator: A.B. Data
Homestore.com Inc. (HOMS)
Class Period: January 1, 2000 to Decembr 21, 2001
Claims Deadline: December 12, 2005
Claims Administrator: Rust Consulting
Healthtronics Surgical Services (HRTN)
Class Period: January 4, 2000 to July 28, 2003
Claims Deadline: December 31, 2005
Claims Administrator: Garden City
Contact info: info@gardencitygroup.com or 800.327.3664
Caminus Corp. (CAMZ)
Class Period: February 12, 2002 to July 8, 2002
Claims Deadline: October 26, 2005
Claims Administrator: Garden City
Contact info: info@gardencitygroup.com or 800.327.3664
Canadian Superior Energy (SNG)
Class Period: November 1, 2003 to March 11, 2004
Claims Deadline: November 15, 2005
Claims Administrator: Gilardi
Comerica, Inc. (CMA)
Class Period: July 17, 2002 to October 1, 2002
Claims Deadline: November 23, 2005
Claims Administrator: Garden City
Contact info: info@gardencitygroup.com or 800.327.3664
Quality Distributions, Inc. (QLTY)
Class Period: November 6, 2003 to January 18, 2005
Claims Deadline: December 23, 2005
Claims Administrator: Garden City
Contact info: info@gardencitygroup.com or 800.327.3664
Again, if you are affected by a settled case, then you should
contact the claims administrator (rather than us). However,
if you are an affected investor in any of the companies under
investigation, you many wish to contact us so that you
can consider your options.
Likewise, if you happen to be aware of corporate restatements
or other financial fraud -- especially if you're a victim --
you're encouraged to contribute to the Sleuth by giving your
own tip-offs at www.securitiessleuth.com or by e-mailing
info@securitiessleuth.com. You can also call Mark McNair
at 877-511-4717. If you have a friend or colleague you
think would benefit from The Sleuth, please pass along
this issue and ask them to sign up at
www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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