Shepherd, Finkelman, Miller & Shah, LLC Files Securities Class
Action Lawsuit On Behalf Of Purchasers Of EMCOR Group, Inc. Securities
HARTFORD, Conn., April 5 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah,
LLC Files Securities Class Action Lawsuit On Behalf Of Purchasers Of EMCOR
Group, Inc. Securities.
Shepherd, Finkelman, Miller & Shah, LLC (http://www.classactioncounsel.com/;
e-mail: ), a law firm with offices in Connecticut, Pennsylvania, New Jersey and
Florida, announced today that it has filed a class action on behalf of
purchasers of securities of EMCOR Group, Inc. ("EMCOR" or the "Company")
(NYSE:EME) between and including April 9, 2003 and October 2, 2003 (the "Class
Period"). The class action lawsuit is pending in the United States District
Court for the District of Connecticut and, in addition to EMCOR, names the
following officers of the Company as Defendants: Frank MacInnis, Leicle Chesser
and Mark Pompa. A copy of the Complaint filed in this action canbe obtained
from the Court or you can call our offices toll free at either 866/540-5505 or
877/891- 9880 to speak with an attorney regarding this matter and we will send
you a copy of the Complaint.
If you purchased or otherwise acquired the securities of EMCOR between April 9,
2003 and October 2, 2003 and have been damaged thereby, you may request that the
Court appoint you as lead plaintiff on or before June 4, 2004. Any member of
the purported class may move the Court to serve as lead plaintiff in this action
through counsel of his or her choice, or may remain an absent class member.
There are certain legal requirements to serve as lead plaintiff, which we would
be pleased to discuss with you. If you would like to discuss this action or
haveany question regarding this notice or your rights, please telephone or
e-mail James E. Miller, Esquire (866/540-5505; ) or Scott R. Shepherd, Esquire
(877/891-9880; ).
The Complaint alleges that, during the Class Period, 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 false and misleading statements
regarding the financial condition of EMCOR and the Company's ability to earn
profits in 2003. The Complaint specifically alleges that, throughout the Class
Period, Defendants concealed from investors that, as a result of a fundamental
shift in EMCOR's business to less profitable public sector and quasi-public
sector construction, as well as facilities management, the Company would not be
able to meet its earnings projections for 2003 absent a significant and
expeditious increase in private sector construction revenues in the form of
smaller, short-term projects generating revenues of less than $250,000, which
EMCOR is heavily dependent upon to earn profits, and an immediate accretion to
its contract backlog in the form of larger, more profitable private sector
construction projects. Throughout the Class Period, the Complaint alleges,
Defendants knew that EMCOR had no reasonable expectation of obtaining such an
increase in private sector business but, nevertheless, continued to assure the
investing public of its ability to earn significant profits in 2003. On July
24, 2003, Defendants were forced to admit that, for the second quarter of 2003,
although EMCOR had met its revenue expectations, it had performed abysmally in
terms of earnings and that full- year 2003 results would fall short of
expectations. In response to this news, the price of the Company's common stock
fell more than 17% in value on unusually high trading volume. Nevertheless, the
Complaint pleads, Defendants continued to offer materially false information to
the investing public regarding EMCOR's ability to earn profits in2003 and
sought to diminish the importance of its poor earnings performance by
attributing that poor performance to exceptional circumstances that would not be
recurring in nature. On October 2, 2003, the Complaint alleges, Defendants
again shocked the market by slashing its earnings guidance for 2003 by
approximately 50% of the previously reduced earnings guidance provided on July
24, 2003. The market reacted swiftly to this devastating news -- with shares of
EMCOR falling another 20% in value on unusually high trading volume. The
Complaint pleads that, in a conference call on October 3, 2003, Defendants were
forced to admit that their prior earnings guidance had been predicated upon a
hope for improved private sector construction spending -- even though Defendants
previously had assured the market during the Class Period that their earnings
guidance was not based upon any such assumptions. In sum, the Complaint alleges
that Defendants knowingly concealed the true financial condition of EMCOR and
its ability to generate earnings from the investing public throughout the Class
Period.
If you would like to discuss this action or have any question regarding this
notice or your rights, please contact us at the telephone or electronic mail
addresses provided above. Shepherd, Finkelman, Miller & Shah, LLC
(http://www.classactioncounsel.com/) is a national law firm that represents
investors, including institutions and individuals, as well as consumers in class
action and other complex litigation, and maintains offices in Connecticut,
Pennsylvania, New Jersey and Florida. The firm's attorneys have appeared in
matters on behalf of our clients throughout the United States and been appointed
lead counsel in a number of class actions and corporate governance matters.
Shepherd, Finkelman, Miller & Shah, LLC issues this press release in compliance
with the applicable federal securities laws. DATASOURCE: Shepherd, Finkelman, Miller & Shah, LLC CONTACT: James E. Miller, Esquire, +1-866-540-5505, , or Scott R. Shepherd, Esquire, +1-877-891- 9880, , both of Shepherd, Finkelman, Miller & Shah, LLC Web site: http://www.classactioncounsel.com/
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