Class action lawsuits against Turbodyne Technologies
22 January 1999
Effective today, trading in shares of Turbodyne Technologies (TRBD) on the Nasdaq and Easdaq (Brussels) stock markets has been halted. Easdaq has advised Turbodyne of its initiation of disciplinary proceedings against the company. Nasdaq initiated proceedings relating to a possible delisting of Turbodyne’s shares.
The Law Offices of Lionel Glancy, Los Angeles, CA, issued today the following statement.
LOS ANGELES - 22 January 1999 - Pursuant to Section 21(D)(A)(3)(a)(i) of the Securities Exchange Act of 1934, Notice is hereby given that a class action was filed Friday in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Turbodyne Technologies Inc. ("Turbodyne")(Nasdaq:TRBD) between 1 March 1997, through Jan. 22, 1999, inclusive (the "Class Period").
Named as defendants are Turbodyne and its president, chief executive officer and director, Edward Halimi.
Turbodyne and its subsidiaries design, develop, manufacture and market proprietary products that enhance performance and reduce emissions of internal combustion engines and manufacture aluminum cast automotive products, including engine components and aftermarket specialty wheels.
Turbodyne was, until 19 July 1997, listed on the Vancouver Stock Exchange. The company commenced listing on the Nasdaq Small Capital Exchange on 24 March 1997.
Throughout the time Turbodyne traded on both the Vancouver exchange and Nasdaq, defendants issued a series of public statements portraying Turbodyne as a booming company that was experiencing and would continue to experience rapidly rising sales and profits on its core products and new product offerings.
These public statements represented, among other things, that Turbodyne's "breakthrough" technology was protected by more than 30 granted and pending patents in the United States and internationally, that the United States Environmental Protection Agency had certified certain of Turbodyne's products for special urban bus retrofitting projects, that the United Nations endorsed the company's products, and that a United Nations representative accompanied defendant Halimi to London and Moscow to assist in product sales negotiations.
The false and misleading nature of defendants' public statements remained undisclosed throughout the Class Period, until Nasdaq announced on Jan. 22, 1999, the last day of the Class Period, that Nasdaq was joining EASDAQ in halting trading in Turbodyne stock until at least Feb. 3, 1999, while the EASDAQ Market Authority initiates disciplinary proceedings against Turbodyne for allegedly issuing false or misleading price-sensitive information to the investing public.
As a result of the foregoing, Turbodyne's common stock traded during the Class Period at artificially inflated prices as high as approximately $16 per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by the Law Offices of Lionel Z. Glancy, and other firms with significant experience in prosecuting class actions involving corporate fraud.
Those who purchased Turbodyne stock during the Class Period may move the Court not later than 60 days from Jan. 22, 1999, to serve as lead plaintiff, although individuals must meet certain legal requirements to do so.
To discuss this action or to ask any questions concerning this Notice or shareholders' rights or interests with respect to this lawsuit, contact Lionel Z. Glancy Esq. or Tracy L. Thrower Esq. of the Law Offices of Lionel Z. Glancy, by mail at 1801 Avenue of the Stars, Suite 308, Los Angeles, Calif. 90067, by telephone tollfree at 888/773-9224 or 310/201-9150, or by e-mail at email@example.com.
Another class action lawsuit has been filed against Turbodyne Technologies by Kirby McInerney & Squire, LLP of New York.