NEW YORK, NY — LAWFUEL – The Law News Network – 12/15/2005 — Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of EVCI Career Colleges Holdings Corp. (“EVCI” or the “Company”) (NASDAQ: EVCI) during the period November 14, 2003 through and including October 19, 2005 (the “Class Period”), against EVCI and certain individual defendants.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between November 14, 2003 and October 19, 2005, thereby artificially inflating the price of EVCI common stock. Specifically, the complaint alleges that during the Class Period, EVCI omitted and misrepresented material facts concerning the manner in which its educational business was being run, including facts concerning the degree of student support it provided, its admission practices and its graduation rates. EVCI’s practices have led to criticism by the New York State Education Department, and adverse action which, when revealed, led to sharp declines in the price of the stock.
If you are a member of the class, you may request that the Court appoint you as lead plaintiff by no later than February 6, 2006. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull and Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Jules Brody, Esq. or Jason D’Agnenica, Esq. at Stull, Stull and Brody by calling toll-free 1-800-337-4983, or by e-mail at [email protected], or by fax at 212/490-2022, or by writing to Stull, Stull and Brody, 6 East 45th Street, New York, NY 10017.
Jules Brody, Esq.
Jason D’Agnenica, Esq.
Stull, Stull and Brody