American Italian Pasta (NYSE:PLB)
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Investor Deadline: October 11, 2005 is the Last Day to Join
Shareholder Class Action as a Potential Lead Plaintiff
Goldman Scarlato & Karon, P.C., a law firm with offices in
Pennsylvania and Ohio, announces that a lawsuit has been filed in the
United States District Court for the Western District of Missouri, on
behalf of persons who purchased or otherwise acquired publicly traded
securities of American Italian Pasta Company ("Pasta" or the
"Company") (NYSE:PLB) between October 4, 2000 and August 9, 2005,
inclusive, (the "Class Period"). The lawsuit was filed against Pasta
and Timothy S. Webster, David B. Potter, Jerry H. Dear, Warren B.
Schmidgall, George D. Shadid and Horst W. Schroeder ("Defendants").
The Deadline to move for Lead Plaintiff is October 11, 2005.
If you are a member of this class and wish to view a copy of a
complaint and join this class action, please e-mail us at
penny@gsk-law.com and request a copy of the complaint and a plaintiff
certification. If you are a member of the Class, you may move the
Court no later than October 11, 2005 to serve as a lead plaintiff for
the Class. Any member of the purported class may move the Court to
serve as lead plaintiff through counsel of their choice, or may choose
to do nothing and remain an absent class member. However, if you
choose to remain an absent class member, unless and until a class is
certified, you are not represented by counsel.
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. Specifically, the complaint alleges that The
Company failed to disclose or misrepresented that the Company failed
to properly expense $6.6 million in promotional allowances and
deduction receivables, that the Company failed to take timely
write-downs for spare parts inventory, that the Company maintained
inadequate reserves for slow moving, damaged, and discontinued
inventories, the Company failed to record $1.9 million in certain
fixed asset retirements, and that as a result the Company's financials
were not prepared in accordance with Generally Accepted Accounting
Principles ("GAAP").
On August 9, 2005, after the market closed, Pasta announced a
$60.7 million charge and an SEC inquiry into the Company's results.
Specifically, the Company stated the SEC was investigating it for
unspecified restatements and for transactions in the Company's stock
by outsiders in late 2004 and early 2005, for which the Company had
received inquiries from the New York Stock Exchange and the
Philadelphia Stock Exchange. In addition, the Audit Committee of Pasta
is conducting an internal investigation of certain accounting
procedures.
If you bought Pasta securities between October 4, 2000 and August
9, 2005, inclusive, and would like to obtain information about the
lawsuit, then you are invited to call (888) 753-2796 to speak with an
advisor.