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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Securities Class Action Against HealthTech International, Inc. Dismissed Without Prejudice Upon Lead Plaintiffs' Motion, Announces
By: Wechsler Harwood and Abbey Gardy
Business Wire. December 3, 2001
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Excerpt: The following Notice is issued by Wechsler Harwood Halebian & Feffer LLP and Abbey Gardy LLP, co-lead counsel for class certified on April 20, 1999. The class consists of purchasers of the common stock of HealthTech International, Inc. (formerly NASDAQ symbol: GYMM) ("HealthTech" or the "Company"), during the period February 28, 1996 through November 17, 1997 (the "Class Period"). Thus, if you purchased HealthTech common stock during the Class Period, and you have not previously opted-out or are an affiliate of any defendant, you are a member of the class (the "Class"). The action is pending in the United States District Court for the District of Arizona under index number 97-2447-PHX-ROS, before the Honorable Rosyln O. Silver. Below are summarized the events leading to the voluntary dismissal order and the legal effects on Class members. Class members may obtain more information by inspecting or obtaining copies of pleadings and other papers from the district court located at: The Office of the Clerk of the United States District Court for the District of Arizona, United States Courthouse and Federal Building, 230 North First Avenue, Phoenix, Arizona 85025, during normal business hours….During the period of settlement negotiations, HealthTech's bankruptcy petition was dismissed, but after its only viable asset was foreclosed upon (over plaintiffs' objections) leaving no equity for the Class or the Company. Smith Dance seeks liquidation under Chapter 7 of the Bankruptcy Code. This action is still pending in the Bankruptcy Court for the Northern District of Texas (No. 00-33060 HCA). Other individual defendants attested that they were judgment proof. Finally, efforts to relist securities of HealthTech were rejected by the responsible regulatory authorities. Given these and other events, lead plaintiffs' moved on November 16, 2001 for
an order of voluntary dismissal. Plaintiffs' motion was granted and the court ordered it so on November 19, 2001.
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