SAN DIEGO, Feb. 17 /PRNewswire/ -- Milberg Weiss today announced that a
class action has been commenced in the United States District Court for the
Northern District of California on behalf of purchasers of DNA Plant
Technology Corp. ("DNAP") (Nasdaq: DNAP) $2.25 Convertible Exchangeable
Preferred Stock, whose stock was converted pursuant to a September 1996
merger, into common stock of DNAP Holding Corporation ("DHC").
If you are a member of the Class described above, you may, no later than
60 days from January 26, 1999, move the Court to serve as lead plaintiff of
the Class, if you so choose. In order to serve as lead plaintiff, however,
you must meet certain legal requirements. If you wish to discuss this action
or have any questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, William Lerach, Alan Schulman or Darren
Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com.
The complaint charges DNAP, DHC, Empresas La Moderna, SA de C.V. and
certain of their officers and directors with violations of the Securities Act
of 1933 and the Securities Exchange Act of 1934.
The complaint alleges that the August 13, 1996 Proxy Statement/Prospectus
that DNAP and DHC disseminated to DNAP shareholders, recommending approval of
the merger, improperly failed to disclose that the real reasons for the merger
were (1) to realize value for a strain of high-nicotine tobacco that DNAP had
illegally developed for tobacco company Brown & Williamson, and (2) to
increase the indemnity coverage of DNAP's officers and directors to insulate
them from financial liability for those illegal acts. The complaint further
alleges that the conversion of the DNAP Preferred Stock into DHC Common Stock
eliminated the rights and preferences of the DNAP Preferred Stockholders.
After the DNAP-DHC merger was consummated, DNAP pleaded guilty in January 1998
to conspiracy to violate the Tobacco Seed Export Law.
Plaintiff seeks to recover damages on behalf of all purchasers of DNAP
$2.25 Convertible Exchangeable Preferred Stock converted into common stock of
DHC pursuant to the September 1996 merger (the "Class"). The plaintiff is
represented by two law firms, including Milberg Weiss Bershad Hynes & Lerach
LLP, who have expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation,
emphasizing securities and antitrust class actions, for more than 30 years.
The firm has offices in New York, San Diego, San Francisco, Los Angeles and
Boca Raton and is active in major litigation pending in federal and state
courts throughout the United States. The firm's reputation for excellence has
been recognized on repeated occasions by courts which have appointed the firm
to major positions in complex multi-district or consolidated litigations.
Milberg Weiss has taken a lead role in numerous important actions on behalf of
defrauded investors, and has been responsible for a number of outstanding
recoveries which, in the aggregate, total approximately $2 billion. Visit the
firm's website at http://www.milberg.com.
SOURCE Milberg Weiss Bershad Hynes & Lerach LLP
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Related links:
http://www.milberg.com
CONTACT:
William Lerach, Alan Schulman or Darren
Robbins of Milberg Weiss, 800-449-4900, wsl@mwbhl.com
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