Ray-- thought you may enjoy this--
HARTFORD, Conn., Nov. 20 /PRNewswire/ -- A lawsuit seeking class action
status has been filed in the United States District Court for the Northern
District of Ohio on behalf of all persons who purchased or otherwise acquired
the publicly traded securities of OM Group, Inc. (NYSE: OMG) ("OMG" or the
"Company") from April 25, 2002 through October 30, 2002, inclusive (the "Class
Period").
Plaintiff is represented by the law firm of Schatz & Nobel, P.C., which
has significant experience prosecuting class actions on behalf of investors.
If you wish to discuss this action or have any questions, please contact
attorney Nancy A. Kulesa at (800) 797-5499, or by e-mail at sn06106@aol.com.
For more information about Schatz & Nobel, P.C. and class action cases, please
visit our website at www.snlaw.net.
The Complaint alleges that OMG, a producer and marketer of metal-based
specialty chemicals and related materials, made misrepresentations concerning
its business and financial condition. Specifically, on April 25, 2002, the
defendants reported favorable 1stQ 2002 results and represented that the
consumption rate on cobalt was increasing, which would result in higher cobalt
prices and favorable results for OMG in 2002 and 2003. After reporting
disappointing 2ndQ 2002 results, defendants maintained that business was
strong and all indicators were for a good second half. As a result, OMG stock
continued to trade above $50. On September 19, 2002, OMG warned that the 3rdQ
2002 would be slightly lower than prior statements. Then on October 29, 2002
OMG announced a huge loss, an inventory write-down and a full restructuring.
On October 31, 2002 it was disclosed that the C.E.O. had sold all of his
holdings to cover a margin call on some 710,000 shares on OMG stock which he
had used as collateral for a huge loan. On this news, the stock price
declined to $6.12 per share.
Plaintiff seeks to recover damages on behalf of all Class Members. If you
acquired OMG from April 25, 2002 through October 30, 2002, inclusive, and wish
to act as a lead plaintiff, you may move the Court to act in that capacity not
later than December 31, 2002. If you wish to discuss your rights as lead
plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free
at (800) 797-5499, or by e-mail at sn06106@aol.com.
