FOX & KILSHEIMER LLP FILES CLASS ACTION
SUIT AGAINST FINOVA GROUP, INC. AND AN EXECUTIVE
NEW YORK - - The following statement was issued today by the law firm of Kaplan Fox & Kilsheimer LLP:
A class action has
been commenced in the United States District Court for the District of Arizona, on behalf of all persons who purchased or otherwise acquired the common stock of FINOVA Group, Inc. (NYSE: FNV) between July 15, 1999 and
March 26, 2000, inclusive, (the "Class Period").
The complaint charges FINOVA and an executive officer with violations of the Securities Exchange Act of 1934. The complaint alleges, among
other things, that defendants issued materially false and misleading statements concerning the Company's financial statements, revenues and earnings per share. During the Class Period defendants represented that
FINOVA's growth would continue through the first quarter of 2000 and beyond and represented that is business would be strong going forward. However, defendants failed to disclose that FINOVA's business was
suffering and that as a result FINOVA would have to take a charge of $70 million in the first quarter of 2000.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP which has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.KaplanFox.com.
If you are a member of the Class, you may move the court no later than 60 days from March 29, 2000, to serve as a lead plaintiff for the Class. In order to serve
as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:
Frederic S. Fox, Esq.
Joel B. Strauss, Esq.
Janine R. Azriliant, Esq.
Kaplan Fox & Kilsheimer LLP
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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