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NEW YORK -- Entwistle & Cappucci LLP, a New York law firm specializing in securities litigation, gave notice that it has filed a class action complaint on behalf of an institutional investor with substantial losses as a result of its purchases of American Depositary Receipts ("ADRs") of Koninkiljke Ahold NV
The complaint alleges violations of the federal securities laws against Ahold, Henny de Ruiter, Cees van der Hoeven, and Michiel Meurs and has been filed in the United States District Court for the Southern District of New York. The lawsuit is brought on behalf of all persons who purchased Ahold ADRs between May 15, 2001 and February 24, 2003.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Exchange Act by improperly recording revenues during the Class Period in order to artificially inflate the price of Ahold's ADRs. The defendants failed to inform investors that the Company's "excellent" sales and revenue figures -- which the Company reported during the Class Period -- were allegedly the product of improper accounting procedures. During the Class Period, defendants utilized the Company's inflated stock value to consummate acquisitions of major supermarket chains around the world.
Purchasers of Ahold ADRs during the Class Period, May 15, 2001 through February 24, 2003, may move the Court to serve as a lead plaintiff no later than April 28, 2002. In order to serve as lead plaintiff, however, you must meet certain legal requirements.