NEW YORK -- /Counsel for Class Plaintiff, Kaplan Fox & Kilsheimer LLP today issued the following:
A class action has been
commenced in the United States District Court for the Western District of Washington on behalf of all persons who purchased or otherwise acquired the common stock of AVT Corporation (NASDAQ: AVTC; "AVT"
or the "Company") between January 20, 2000 and March 17, 2000, inclusive (the "Class Period").
The lawsuit alleges that during the Class Period, AVT led the market to believe that
its first quarter 2000 results would meet or exceed its fourth 1999 results and that the Company would continue its profitable performance. Based on the guidance provided by defendants, the price of AVT stock
continued to rise throughout the Class Period, allowing Company insiders to reap profits of over $46 million on their insider sales of AVT stock. On March 17, 2000, AVT revealed that results for the first fiscal
quarter and the year 2000 would fall materially below forecasted earnings. This revelation caused the price of AVT common stock to plunge to $11.38.
Plaintiff seeks to recover damages on behalf of
all persons who purchased or otherwise acquired AVT common stock during the Class Period. Plaintiff is represented by the law firm of Kaplan Kilsheimer & Fox LLP, which has many years of experience in
prosecuting investor class actions and extensive experience in actions involving financial reporting and management fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at
If you are a member of the Class described above, you may, no later than sixty days from March 21, 2000, move the Court to serve as lead plaintiff of the Class. In order to
serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this case or your rights or interests, please