PC Announces the Filing of a Class Action Suit Against Bally Total Fitness Holding Corporation
The law firm of Spector, Roseman & Kodroff, PC announces that a securities class action lawsuit was commenced in the United States District Court for the Northern District of Illinois, on behalf of purchasers of the common stock of Bally Total Fitness Holding Corporation ( “Bally “Or the” Company “) between August 3, 1999 through April 28, 2004, inclusive (the” Class Period “).The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period which described the Company’s increasing financial performance. These statements failed to disclose and / or misrepresented the following adverse facts: (i) that the Company had violated Generally Accepted Accounting Principles ( “GAAP”) and its own internal policies by prematurely recognizing revenue on certain non-obligatory prepaid membership dues ( ii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company, and (iii) that, as a result, the value of the Company’s reported revenues during the Class Period was materially overstated.
On April 28, 2004, the Company issued a press release announcing that its Chief Financial Officer and Director, John W. Dwyer, had resigned and that the Division of Enforcement of the SEC had commenced an investigation in connection with the Company’s announced restatement regarding the timing of recognition of certain prepaid dues. The Company also stated that it had modified its existing internal controls structure, which it believes is now effective. In response to these disclosures, shares of the Company’s stock fell 17%, to close at $ 4.50 per share, on extremely heavy trading volume.
If you purchased Bally securities during the Class Period, you may, no later than July 26, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member (s) with the “largest financial interest” in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member (s) have the “largest financial interest,” and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
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