NEW YORK/PRNewswire/ — A securities class action lawsuit was filed on January 8, 2002 on behalf of all persons who acquired Rica Foods, Inc. (Amex: RCF – news; “Rica” or the “Company”) common stock between January 16, 2001 and December 28, 2001 (the “Class Period”). A copy of the complaint is available from the Court or from Abbey Gardy, LLP. Please contact us by phone at 800-889-3701 or by email at or

The case was filed in the United States District Court for the Southern District of Florida. Named as defendants in the complaint are Rica, Calixto Chaves, the Company’s Chairman and CEO, Randall Piedra, the Company’s CFO and Jose Pablo Chaves, the Company’s COO.

The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges, among other things that throughout the Class Period defendants filed documents with the SEC, which failed to disclose that Rica was not in compliance with the credit agreement entered into with Pacific Life Insurance Company on January 16, 2001.

The Complaint alleges that defendants knew that Rica’s SEC filings were false and misleading.

The Complaint further alleges that defendants’ misrepresentations caused the price of Rica common stock to be artificially inflated throughout the Class Period.

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Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired securities during the Class Period. If you purchased or otherwise acquired securities during the Class Period, and either lost money on the transactions or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 11, 2002.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiffs.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Abbey Gardy, LLP, or other counsel of your choice, to serve as your counsel in this action.

Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian of Abbey Gardy, LLP at 800-889-3701 or email

SOURCE: Abbey Gardy, LLP