A class action lawsuit has been filed at the U.S. District Court for District of Connecticut on behalf of purchasers of common stock from ADVO Inc., between July 26 and Aug. 30.
The complaint alleges that ADVO issued false and misleading financial statements. It charges officers and directors at ADVO with violating the Securities and Exchange Act.
ADVO is accused of concealing financial problems to accomplish a merger with Valassis Communications Inc., according to the law firm Learch Coughlin Stoia Geller Rudman & Robbins LLP, based in San Diego, which filed the lawsuit.
ADVO and Valassis are presently embroiled in a separate lawsuit. Valassis filed an action on Aug. 30 to rescind its merger agreement with ADVO.
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