A class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of all securities purchasers of ADVO, Inc. from July 6, 2006 through August 30, 2006, inclusive, alleges ADVO and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The complaint further alleged that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that ADVO misrepresented the success of its business and its prospects for future success; (2) that the Company did not possess the business prospects to meet its financial projections; (3) that the Company lacked adequate internal controls; and (4) that, as a result of the above, ADVO’s financial statements were materially false and misleading at all relevant times.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin&Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin&Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
If you are a member of the class described above, you may, not later than November 10, 2006, move the Court to serve as lead plaintiff of the class, if you so choose. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.”