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Jump to full article: PR Newswire, 1999-02-20
Intro: 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. . . 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.
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