GOLDSTEIN, LITE & DEPALMA, LLC
Allyn Lite
Joseph J. DePalma
Two Gateway Center
Newark, New Jersey 07102
(973) 623-3000
ABBEY, GARDY & SQUITIERI, LLP
Arthur N. Abbey
Jill S. Abrams
Joshua M. Lifshitz
212 East 39th Street
New York, New York 10016
(212) 889-3700
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
IN RE MILESTONE SCIENTIFIC
SECURITIES LITIGATION Civil Action No. 98-3404 (AJL)
CONSOLIDATED AND AMENDED CLASS ACTION COMPLAINT
Plaintiffs, as and for their Consolidated and Amended Class Action
Complaint, allege the following upon personal knowledge as to themselves and their acts
and as to all other matters upon information and belief based upon, inter alia, the
investigation made by and through their attorneys, including the review and analysis of the
public filings of Milestone Scientific, Inc. ("Milestone" or the "Company") with the United
States Securities and Exchange Commission ("SEC"), published reports, news articles and
public statements issued by the Company.
JURISDICTION AND VENUE
1. This Court has jurisdiction over the subject matter of this action
pursuant to Section 27 of the Securities Exchange Act of 1934 (the "Exchange Act"), 15
U.S.C. §78aa and 28 U.S.C. §1331. The claims asserted herein arise under Sections 10(b)
and 20(a) of the Exchange Act, 15 U.S.C. §78j(b) and § 78t(a), and Rule 10b-5, 17 C.F.R.
§240.10b-5, promulgated thereunder by the SEC.
2. Venue is proper in this Judicial District pursuant to Section 27 of the
Exchange Act and 28 U.S.C. § 1391(b). Many of the acts and transactions giving rise to the
violations of law complained of herein, including the preparation and dissemination to the
investing public of false and misleading information, occurred in this Judicial District. In
addition, Milestone maintains its principal executive offices within this Judicial District.
3. In connection with the acts, conduct and other wrongs alleged in this
Complaint, defendants, directly and indirectly, used the means and instrumentalities of
interstate commerce, including the mails, telephone communications and the facilities of
national securities exchanges.
THE
SNIPPETS:
Arthur N. Abbey Jill S. Abrams Joshua M. Lifshitz
UNITED STATES DISTRICT COURT
IN RE MILESTONE SCIENTIFIC
Plaintiffs, as and for their Consolidated and Amended Class Action Complaint, allege the
ued by the Company.
This Court has jurisdiction over the subject matter of this action pursuant to Section 27 of
Venue is proper in this Judicial District pursuant to Section 27 of the Exchange Act and 28
Many of the acts and transactions giving rise to the violations of law complained of herein,
In connection with the acts, conduct and other wrongs alleged in this Complaint, defendants,
The following additional plaintiffs purchased Milestone common stock during the Class Period,
The Company began selling equipment units of the Wand and an initial supply of 100
As of May 1, 1998, Milestone had more than 8.7 million shares of common stock outstanding.
Finally, defendant Osser reaped more than $5 million in profits from insider sales during the
Defendant Pat Mele, III at all relevant times served as the Chief Financial Officer of the
Mele signed Milestone's yearly report on Form 10-K for the year ended December 31, 1997, and
Mele and Martin are collectively referred to herein as the "Individual Defendants."
This included the formulation, making, and/or participation in the making of untrue
Milestone disseminated information on a market-wide basis through various electronic media
The above statements were materially misleading when issued because defendants did not
18th at the American Dental Association conference in
Wand distributors including Henry Shein,
During the call, defendant Martin falsely represented that the full 5,000 backlog of orders
GAAP encompasses the rules, conventions and practices recognized and employed by the
Statements of Financial Accounting Standards issued by the Financial Accounting Standards
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