|Friday June 22, 6:07 pm Eastern Time|
SOURCE: Berman, DeValerio & Pease LLP
Duratek, Inc. Accused of Defrauding Investors In Shareholder Class Action Brought by Berman DeValerio & Pease
BALTIMORE, June 22 /PRNewswire/ -- Shareholders today filed a federal class-action lawsuit charging Duratek, Inc. (``Duratek'' or the ``Company'') (Nasdaq: DRTK - news) with securities fraud, the law firm Berman DeValerio & Pease LLP said.
Filed in the United States District Court for the District of Maryland, the case is captioned Michael J. Svezzese, Jr. v. Duratek, Inc., f/n/a GTS Duratek, Robert E. Prince, and Robert F. Shawver, Civil Action No. MJG 01- 1830. It seeks damages against the defendants for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought Duratek common stock between March 9, 2000 and March 13, 2001 (the ``Class Period''). Copies of the complaint may be obtained from the clerk of the United States District Court for the District of Maryland during regular business hours at 101 West Lombard Street, Baltimore, MD 21201, (410) 962-2600.
You can also review the complaint and learn more about becoming a lead plaintiff by contacting the counsel listed below or by visiting our Website at www.bermanesq.com.
Berman DeValerio & Pease, which has offices in Boston and San Francisco, has represented defrauded investors in class actions for nearly two decades. The complaint accuses Duratek and two of its top officers with inflating the Company's stock price by issuing false and misleading financial statements for 1999 and the first three quarters of 2000. On March 14, 2001, Duratek admitted that additional burial and transportation costs would adversely affect the Company's fourth quarter and fiscal year 2000 financial results as well as the financial results for the first quarter of 2001. Moreover, the Company announced that a review of Duratek's commercial waste processing operations had indicated ``potentially negative variances in certain waste processing accounts.'' On April 18, 2001, the Company further announced that it was restating its previously reported consolidated financial results for 1999 and the first three quarters of 2000 to reflect a reconciliation that had not been previously been performed.
If you purchased Duratek, Inc. common stock during the period March 9, 2000, through March 13, 2001, you may wish to contact the following attorneys at Berman DeValerio & Pease to discuss your rights and interests:
N. Nancy Ghabai, Esq.
Sara B. Davis, Esq.
Jeffrey C. Block, Esq.
Berman DeValerio & Pease
One Liberty Square
Boston, MA 02109
You may also visit us at our website at www.bermanesq.com.
Plaintiffs do not believe that there are any conflicts that would prevent them from representing the entire Class. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than August 21, 2001. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time and you may retain counsel of your own choice.
With offices in Boston and San Francisco, Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits involving violations of federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case.
SOURCE: Berman, DeValerio & Pease LLP