Defendant Topaz is a vertically integrated manufacturer and seller of fine jewelry and gemstones. Topaz is traded on the American Stock Exchange under the ticker symbol TPZ (AMEX:TPZ).
The complaint charges that the company and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants issued false and misleading financial statements by overstating inventory, understating allowances for doubtful accounts and improperly recognizing revenue, in violation of GAAP (generally accepted accounting principles). The complaint alleges that plaintiff and other members of the class suffered damages when they purchased Topaz shares at prices artificially inflated by defendants' conduct.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Weiss & Lurie. The firm, with offices in New York and Los Angeles, has extensive experience in complex litigation, particularly securities class actions, and has been appointed lead class counsel in numerous consolidated and multi-district cases.
If you purchased Topaz stock between March 21, 2002 and August 20, 2003, inclusive, you may be a member of the class and you may move the court to serve as lead plaintiff for the Class no later than February 16, 2004.