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            C L A S S   A C T I O N   R E P O R T E R

             Thursday, April 22, 2004, Vol. 6, No. 79

                         Headlines

9/11 LITIGATION: Prominent Mediator To Join WTC Appraisal Panel
AMERICAN STANDARD: Recalls Electric Heaters Due To Fire Hazard
AUSTRALIA: Govt Rules For Plaintiffs in Privacy Lawsuit V. TICA
CANADA: Toronto Nurse Sues Govt For Negligence in SARS Outbreak
ECKERD: Pharmacists File Third Suit For Overtime Wage Violations

JP MORGAN: CA Consumers Launch Suit Over Auto Leasing Sales Tax
KIDS II: Recalls 225,000 Mirror Books Due To Laceration Hazard
MERRILL LYNCH: Panel Orders $2.2M Payment To Female Stockbroker
SERVICE CORPORATION: To Settle Securities Fraud Lawsuit For $65M
SPEAR & JACKSON: Shareholders Lodge Stock Fraud Suits in S.D. FL

TURKCELL: NY Court Approves Securities Fraud Lawsuit Settlement
UNITED STATES: Labor Department Issues Overtime Regulations
UNITED STATES: Association Hails Finalization of Overtime Rules
WORLDCOM: SEC Files Brief For Plaintiffs in NY Securities Suit

                  New Securities Fraud Cases  

ITT EDUCATIONAL: Marc Henzel Lodges Securities Fraud Suit in IN
MASTEC INC.: Marc Henzel Lodges Securities Fraud Suit in S.D. FL
MASTEC INC.: Abbey Gardy Lodges Securities Fraud Suit in S.D. FL
MCDONALD'S CORPORATION: Marc Henzel Lodges Securities Suit in IL
NOKIA OYJ: Marc Henzel Lodges Securities Fraud Suit in S.D. NY

NOVASTAR FINANCIAL: Marc Henzel Files Securities Suit in W.D. MO
NOVASTAR FINANCIAL: Milberg Weiss Lodges Securities Suit in MO
QUOVADX INC.: Marc Henzel Files Securities Fraud Suit in N.D. CA
QUOVADX INC.: Weiss & Yourman Initiates Securities Lawsuit in CO
SIEBEL SYSTEMS: Marc Henzel Lodges Securities Lawsuit in N.D. CA

SPEAR & JACKSON: Milberg Weiss Lodges Securities Suit in S.D. FL
SPEAR & JACKSON: Cauley Geller Lodges Securities Suit in S.D. FL
SPEAR & JACKSON: Charles Piven Lodges Securities Suit in S.D. FL
SPX CORPORATION: Marc Henzel Lodges Securities Suit in W.D. NC
SUPERCONDUCTOR TECHNOLOGIES: Marc Henzel Files Stock Suit in CA

TELEVISION AZTECA: Marc Henzel Lodges Securities Suit in S.D. NY
UNIVERSAL HEALTH: Marc Henzel Lodges Securities Suit in E.D. PA
VASO ACTIVE: Marc Henzel Files Securities Fraud Suit in MA Court
VERDISYS INC.: Marc Henzel Commences Securities Suit in S.D. TX
WHITEHALL JEWELLERS: Marc Henzel Launches Stock Suit in N.D. CA

WINN-DIXIE STORES: Marc Henzel Lodges Securities Suit in M.D. FL

                        *********


9/11 LITIGATION: Prominent Mediator To Join WTC Appraisal Panel
---------------------------------------------------------------
Following a nationwide search conducted for several months,
attorney/mediator Randall Wulff has been chosen to serve as
chief umpire on a three person appraisal panel to determine the
amount of loss resulting from the destruction of the World Trade
Center complex on September 11, 2001.  

The selection was made by the Hon. Michael Mukasey, the Chief
Judge in the Federal District Court for the Southern District of
New York.  Hearings are expected to begin later this year,
addressing issues of reconstruction costs as well as rental
value/business interruption damages.

Mr. Wulff is a principal in Wulff, Quinby & Sochynsky, based in
Oakland, California.  A former trial lawyer, he spent 27 years
with Farella, Braun and Martel in San Francisco before starting
a new firm with two other neutrals, William Quinby and Yaroslav
Sochynsky.  He actively litigated complex commercial disputes
for 20 years before becoming a full time "neutral."

Well known as a mediator, Mr. Wulff has helped settle roughly
2,000 cases over the last fifteen years.  He recently mediated
the California class action against Microsoft, resulting in a
settlement that made up to $1.1 billion available to class
members.  He also helped resolve the monetary disputes arising
from the construction of the Seattle Mariners' new Safeco Field,
the Arizona Diamondbacks' Bank One Ballpark, Staples Center in
Los Angeles, and the Oakland Coliseum Arena.  He has mediated
claims on a number of Las Vegas hotels and casinos, including
the Venetian, the Aladdin, the new Ritz Carlton, the Regent, and
others.

Mr. Wulff was named "Outstanding Mediator" by the American
Arbitration Association in San Francisco and was chosen among
the Top Ten mediators by the Northern California legal
newspaper, The Recorder, in a survey of its readers last year.

For more details, contact Craig Parsons of Parsons
Communications by Phone: (310) 472-7632


AMERICAN STANDARD: Recalls Electric Heaters Due To Fire Hazard
--------------------------------------------------------------
American Standard Companies is cooperating with the U.S.
Consumer Product Safety Commission by voluntarily recalling
about 37,000 "Trane" and "American Standard" brand accessory
electric heaters.  

Overheating of the wiring in the accessory heater can lead to
wall thermostat fires.  There have been four reports of
thermostat fires.  Two of the fires resulted in several thousand
dollars in property damage.  No injuries have been reported.

The 240-volt accessory heaters are used to provide supplemental
heat in the heat pump or electric heating system.  The accessory
heater - model number BAYHTR1415BRKAC manufactured between April
14, 2003 and February 6, 2004 - is located inside the air
handler cabinet usually found in the basement, attic, equipment
closet or crawlspace of a consumer's home.  The horizontally or
vertically installed air handler is a painted metal cabinet with
the Trane or American Standard nameplate on its front.  Air
handler model numbers are found on the outside of the air
handler door.  

Consumers with one of the recalled units are being directly
contacted by the independent dealer that installed it.
Independent Trane or American Standard dealers nationwide sold
these items for about $140.

For more details, contact the Company by Phone: (888) 556-0125
between 8 a.m. and 5 p.m. CT Monday through Friday or visit the
Websites: http://www.trane.comor  
http://www.americanstandardair.com.


AUSTRALIA: Govt Rules For Plaintiffs in Privacy Lawsuit V. TICA
----------------------------------------------------------------
Australia's outgoing Federal Privacy Commissioner Malcolm
Crompton ruled in favor of plaintiffs in Australia's first ever
privacy lawsuit, filed against residential tenancy database
operator TICA, The Australian reports.  The Tenants' Union of
Queensland filed the suit against TICA over controversial tenant
"blacklists."  

Commissioner Crompton ruled that TICA breached the Privacy Act
on 13 occasions.  He found that TICA failed to keep tenant
records up to date, failed to check the accuracy of information
supplied by landlords, failed to tell tenants they had been
listed on a database, and overcharged for access to information.  
Commissioner Crompton also ordered the company to clean up its
data handling practices.

The rulings represent a win for tenants in the nation's first
privacy class action.  Privacy law expert Chris Connolly told
the LA Times this meant renters who had suffered loss as a
result of TICA's actions could claim compensation.

"This effectively says, if you've been charged too much, or if
you didn't get rental housing because of inaccurate or old data,
make a claim," Mr. Connolly said.  "This has really opened the
door to compensation. As a result, we're going to see more
privacy class actions."

TICA Managing Director Philip Nounnis told the Australian he was
happy with the outcome and would comply with the commissioner's
recommendations.  "Unfortunately the Privacy Act is open to
interpretation," Mr Nounnis said.  "We interpreted something one
way, the commissioner has interpreted it another way."


CANADA: Toronto Nurse Sues Govt For Negligence in SARS Outbreak
---------------------------------------------------------------
The federal government of Canada, the province of Ontario and
the city of Toronto face a class action filed by a nurse who
contracted severe acute respiratory syndrome (SARS), the
American Health Consultant reports.

Andrea Williams, a nurse at the North York General Hospital in
Toronto, filed the suit, alleging that public health authorities
halted precautions too soon and put political considerations
above health and safety concerns.

In mid-May, Ontario public health authorities declared an end to
the SARS epidemic and officials lifted the state of emergency.
Hospitals relaxed their infection control precautions related to
SARS.

Ms. Williams still wanted to wear a mask when she was admitted
on May 20 for a surgical procedure, her attorney, Douglas
Elliott of Roy, Elliott, Kim, O'Connor in Toronto told the
American Health Consultants.  However, Ms. Williams was not
given a new one when she emerged from general anesthesia.  

The next day, public health officials alerted Ms. Williams that
she had been exposed to SARS and recommended testing.  She
developed SARS, became "extremely ill," and was hospitalized for
a couple of weeks, Mr. Elliott told the American Health
Consultants.  "If they had just been rigorous about ensuring
that the epidemic was over in the first place, then all of these
infections would have been prevented, (including) some deaths
and very serious debilitating conditions," he added.

Ms. Williams is seeking damages and compensation of CDN600
million (Canadian) on behalf of about 200 people who became ill
from SARS after April 15, 2003.

The Ontario Ministry of Health has not commented on the suit.


ECKERD: Pharmacists File Third Suit For Overtime Wage Violations
----------------------------------------------------------------
Eckerd faces a third overtime wage violations class action filed
in the United States District Court in Florida on behalf of
pharmacists who allege that the Company failed to pay them
overtime, the News-Press reports.

Last year, the Company was named in two class actions filed on
behalf of current and former photo lab managers and assistant
store managers alleging violations of the Federal Fair Labor
Standards Act (FLSA).  The Company allegedly illegally denied
them overtime.

Attorney Bill Berke of Cape Coral - who represents about 3,700
plaintiffs in the cases nationwide - filed the third suit on
behalf of Timothy Oxley, an Eckerd pharmacist from 1994 to 1999
and 2000 to 2003 and "worked in excess of 40 hours per week
without receiving overtime compensation as required by federal
law."  The suit says four other pharmacists want to join in the
case.

The suits claim the Eckerd chain - which recently was sold by
J.C. Penney to CVS Corporation and Canada's Jean Coutu Group -
has illegally classified thousands of workers as exempt from
overtime.

Attorneys for Eckerd argue the employees weren't entitled to
overtime.  Mr. Oxley, wrote attorney Michael B. Colgan of Tampa,
wasn't entitled to it because he worked "in a bona fide
administrative and/or executive capacity," The News-Press
reports.

Mr. Berke declined Tuesday to discuss the litigation, The News-
Press stated.  Joan Gallagher, Eckerd's vice president for
public relations, didn't return a reporter's calls.  Eckerd
spokeswoman Tami Alderman has denied the company violated the
law, saying Eckerd "complies with all state and federal laws
pertaining to wage and hour administration."


JP MORGAN: CA Consumers Launch Suit Over Auto Leasing Sales Tax
---------------------------------------------------------------
J.P. Morgan Chase & Co. faces a class action filed in the Los
Angeles County Superior Court in California, charging the firm
with improperly collecting sales tax from Californians when
their auto leases run out, the Los Angeles Times reports.

The suit alleges that the state required leasing firms to charge
state and local sales tax on regular lease payments, but not on
fees charged when the leases are terminated.  The banks
allegedly collected taxes on these so-called disposition fees
ranging from $250 to $450, Andrew Selesnick of Encino, one of
the attorneys who filed the action, told the LA Times.

Similar suits have been filed against Bank of America
Corporation and Wells Fargo & Co.  Like the previous actions,
the suit against New York-based Chase seeks certification as a
class action, pursuing damages for all affected leaseholders in
California.

Chase executives declined to comment, saying the bank hadn't
been served with the suit.  Wells Fargo and Bank of America
previously declined to comment, the LA Times reports.


KIDS II: Recalls 225,000 Mirror Books Due To Laceration Hazard
--------------------------------------------------------------
Kids II, Inc. is cooperating with the U.S. Consumer Product
Safety Commission by voluntarily recalling 225,000 Vinyl Mirror
Books.  The mirror in the books can crack or break, posing a
laceration hazard to young children.  Kids II has received 26
reports of the mirror cracking or breaking, including four
reports of cuts and one report of a pinched finger.

The recalled picture books are brightly colored, made of
flexible vinyl, and contain a plastic mirror on one of the
inside pages.  The recalled books come in four models: "Baby's
Fun Book," "Baby's Photo Album," "Picture This Vinyl Book," and
"Carter's Imagination Picture Book."  The name "Kids II" is
printed on the back cover of each book, except for the
"Imagination Picture Book" which has "Carter's" printed
on the front and back covers.

Mass merchandise and juvenile specialty stores nationwide sold
these items from December 2001 through March 2004 for between $4
and $8.

Parents should take the product away from small children
immediately and detach and mail the mirror page of the product
to Kids II at 1015 Windward Ridge Parkway, Alpharetta, GA 30005
for a refund.  For more details, contact the Company by Phone:
(877) 325-7056 between 7:30 a.m. and 4:30 p.m. ET Monday through
Friday.


MERRILL LYNCH: Panel Orders $2.2M Payment To Female Stockbroker
---------------------------------------------------------------
A court-ordered panel ordered Merrill Lynch & Co. (MER) to pay
US$2.2 million to former San Antonio stockbroker and Company
employee Hydie Sumner, who charged the securities firm with
engaging in a "practice of pattern of gender discrimination,"
The Wall Street Journal reports.

Ms. Sumner worked as a financial consultant in the San Antonio
office from 1991 to 1997.  She charged that men in the office,
including a superior, sexually harassed her, and that the firm
discriminated against women in terms of promotions and salary.

In the 27-page ruling, the panel stated "Merrill's failure to
respond appropriately to hotline complaints and failure to
train, counsel or discipline employees who engaged in sexual
harassment constitutes discrimination with malice or reckless
indifference to the federally protected rights of female
employees."

The findings stem from a class action that was commenced in
1997, one among several sexual harassment suits filed against
Wall Street firms by by women employed at some of the nation's
biggest securities firms.  The most notorious was the highly
publicized case involving Salomon Smith Barney, whom an
arbitration panel ordered to pay $3.2 million to a female
stockbroker in December 2003.

The panel's ruling is significant because they could expose the
investment bank to additional penalties in pending claims,
lawyers representing the women told the Wall Street Journal.  Of
the more than 900 claims filed by women in the case, most have
been settled; about 40 are pending.

"Until this verdict came out, Merrill Lynch could say it had
never been found guilty of discriminating against a class of
women. They can no longer say that," said Linda Friedman, of
Chicago law firm Stowell & Friedman, which is handling the case.

A person familiar with the matter said Merrill isn't convinced
that the decision would set a precedent in pending claims and is
exploring the matter, WSJ reports.  In a statement, Merrill
said, "The firm described in the panel's decision is not today's
Merrill Lynch. We agree, and regret, that nearly a decade ago
there was inappropriate behavior in the San Antonio office. It
should not have occurred and would not be tolerated today."


SERVICE CORPORATION: To Settle Securities Fraud Lawsuit For $65M
----------------------------------------------------------------
Service Corporation International (SRV) intends to settle a
securities class action filed against it and some of its current
and former officers since January 1999, Reuters reports.

The world's largest funeral and cemetery Company said that it
will pay $65 million to settle the suit, placing the amount in
an escrow account.  The Company and its insurance carriers have
also entered into an agreement providing for the payment of $30
million towards this settlement by the Company's insurance
carriers, which would result in net payments by the Company of
approximately $35 million.

The proposed settlement is subject to court approval following
notice to members of the class, an opportunity for class members
to object or opt out of the proposed settlement and other
conditions.  

Robert L. Waltrip, Chairman and CEO, said in a press statement,
"I am pleased that we have reached an agreement providing a
resolution of this matter that has been outstanding for more
than five years.  Although we continue to deny the allegations
in this litigation, we believe that the decision to settle this
class action promotes our stockholders' best interests by
allowing us to refocus our efforts and management time from
historical issues to future opportunities."

SCI owns more than 1,700 funeral homes, crematories and
cemeteries in the United States and Canada.  It also has
operations in France and South America, making it the world's
largest funeral services company, Reuters reports.  Shares of
the company were down 1.5 percent, or 11 cents, at $7.35 in
afternoon trading on the New York Stock Exchange.


SPEAR & JACKSON: Shareholders Lodge Stock Fraud Suits in S.D. FL
----------------------------------------------------------------
Spear & Jackson Inc. faces several securities class actions
filed in the United States District Court for the Southern
District of Florida on behalf of shareholders of Spear & Jackson
stock between July 14, 2003, and April 15, 2004, Dow Jones
Newswires reports.

The suits were filed following news early this week that the
United States Securities and Exchange Commission obtained a
temporary order barring the company's chief executive, Dennis
Crowley, from serving as a corporate officer or director.  The
SEC alleges that Mr. Crowley sold about $3 million of the
company's stock in an alleged "pump and dump" scheme in which he
used an Orlando, Florida-based investor-relations firm to boost
Spear & Jackson's stock price to nearly $16 from $2.  

The suits allege the Company's officers and directors
artificially inflated the company's stock price before selling
their shares.

The Company, which makes hand tools, couldn't immediately be
reached for comment, Dow Jones Newswires reports.  Mr. Crowley
has previously denied any involvement with public relations firm
and other of the SEC allegations. Efforts to reach Crowley's
lawyer, William Nortman, for comment on the shareholder suit
weren't immediately successful.


TURKCELL: NY Court Approves Securities Fraud Lawsuit Settlement
---------------------------------------------------------------
The United States District Court for the Southern District of
New York approved the settlement proposed by Turkcell (NYSE:
TKC, ISE: TCELL), the leading provider of mobile communications
in Turkey, for a consolidated securities class action lawsuit
filed against it and several of its past and present officers
and directors.

Under the terms of the settlement, all claims against the
Company have now been dismissed without admission of liability
or wrongdoing.  The shareholder class is receiving a cash
payment of US$19.2 million.  This purported class action lawsuit
was initiated in the United States District Court for the
Southern District of New York against Turkcell and two of its
past and present officers and directors on November 22, 2000.
    
Although Turkcell management believes the plaintiff's claims are
without merit, the company is pleased to put the uncertainty and
expense of the class action litigation behind it and believes  
the decision to settle is in the best interest of its
shareholders, the Company said in a press release.


UNITED STATES: Labor Department Issues Overtime Regulations
-----------------------------------------------------------
U.S. Secretary of Labor Elaine L. Chao announced the final
regulations governing overtime eligibility for "white-collar"
workers under the Fair Labor Standards Act.  The regulations had
not been substantially updated for over 50 years, creating
confusion for workers and employers, generating wasteful class
action litigation, and failing to effectively protect workers'
pay rights.

"Today, workers win.  The department's new rules guarantee and
strengthen overtime rights for more American workers than ever
before," said Secretary Chao in a statement.  "When workers know
their rights and employers know how to pay workers, everybody
wins . With the 'FairPay' rule, we are restoring overtime to
what it was intended to be: fair pay for workers, instead of a
lawsuit lottery. And we will use these new clear standards to
vigorously enforce the overtime laws on behalf of workers-
building on this Administration's strong record of pro-worker
wage and hour enforcement."

The new rules expand the number of workers eligible for overtime
by nearly tripling the salary threshold.  Under the 50- year-old
regulations, only workers earning less than $8,060 annually were
guaranteed overtime.  Under the new rules, workers earning
$23,660 or less are guaranteed overtime.  This strengthens
overtime protection for 6.7 million low-wage salaried workers,
including 1.3 million salaried white collar workers who were not
entitled to overtime pay under the existing regulations.  These
workers will gain up to $375 million in additional earnings
every year.

To provide even stronger overtime protection for workers, the
FairPay rules add new sections that clearly state that "blue-
collar" workers, police officers, fire fighters, paramedics,
emergency medical technicians, and licensed practical nurses are
entitled to overtime protection.

The department's new FairPay rule will take effect in 120 days.
It will be published in the Federal Register and a text version
is available online at http://www.dol.gov/fairpay. For further  
information about the Fair Labor Standards Act, visit the
Department's Wage and Hour Division web site:
http://www.dol.gov.


UNITED STATES: Association Hails Finalization of Overtime Rules
---------------------------------------------------------------
The National Restaurant Association acknowledged the U.S.
Department of Labor (DOL) for issuing a final rule modernizing
the 50-year old overtime regulations under the Fair Labor
Standards Act (FLSA) which determine overtime eligibility for
executive, administrative and professional "white-collar"
employees.

"This far-reaching final rule -- while not perfect -- is long
overdue and will ultimately help restaurant owners to operate a
21st century business and employ a 21st century workforce
without the threat of expensive litigation," said Robert Green,
vice president of federal relations for the National Restaurant
Association, in a statement.  "We commend Secretary of Labor
Elaine L. Chao for her vision in recognizing the need to update
these regulations which will help ensure that employers know
which employees should be paid overtime, and that employees
receive the compensation to which they are entitled."

Written in 1949, the old labor regulations became severely
outdated and included job classifications that no longer
existed.  The new regulations redefine the job duties required
to qualify for the overtime exemption.  Under the modernized
exemption, chefs are now granted "professional" status and
restaurant managers and assistant managers are more clearly
classified as "executives."  The new DOL overtime regulations
also raise the salary threshold--the salary level below which
workers would automatically qualify for overtime--from $155 a
week to $455 a week ($8060 in comparison to $23,660 annually).

The National Restaurant Association, a strong supporter of DOL
efforts to update overtime regulations, concentrated its
advocacy efforts on the proper classification of restaurant
employees, including the unique duties of restaurant managers,
assistant managers and chefs which are prevalent within the
industry.  The Association also contended in its public comments
that the substantial salary threshold increase proposed by DOL
would have an impact on certain employers in the restaurant
industry, and suggested that DOL review and reconsider the
methodology used to establish the proposed minimum salary
threshold.

"By streamlining labor laws written during the Truman
Administration and reducing the regulatory red tape for small
business operators," added Mr. Green, "restaurateurs are now
better equipped to operate their businesses with a modern
workforce without the threat of increased exposure to overtime
class-action lawsuits. The Bush Administration should be
commended for following through on its promise to update the
antiquated regulations."

For more information, contact Brad Dayspring by Phone:
202-331-5902 or Katharine Kim by Phone: 202-331-5939 or by
E-mail: media@dineout.org


WORLDCOM: SEC Files Brief For Plaintiffs in NY Securities Suit
--------------------------------------------------------------
The United States Securities and Exchange Commission filed an
unusual brief in support of the lead plaintiff in the securities
suit against WorldCom last week in the United States Court of
Appeals for the Second Circuit, stating that analysts do affect
the price of a company's stock and bonds, The New York Times
reports.

The SEC filed the brief in support of Alan G. Hevesi, the
comptroller of New York, whose New York State Retirement Fund
was appointed lead plaintiff in the suit, brought on behalf of
investors who bought Company stock in the years leading to its
July 2002 bankruptcy filing.  The New York State Fund lost over
US$300 million in WorldCom Investments.  An earlier district
court ruling allowed claims against star analyst Jack B. Grubman
and Salomon Smith Barney to proceed as a class action, which the
defendants appealed.  The court will hear arguments on May 10.

The brief tackles the issue of "fraud-on-the-market theory,"
used in many securities fraud cases.  Under this concept, all
widely disseminated information about a publicly traded security
is reflected in its market price, and investors rely on the
integrity of this price when deciding whether to buy or sell a
security.  Therefore, any information about the company that is
false or misleading is reflected in the market price and can
harm investors who buy or sell relying on that market price, the
New York Times reports.

The SEC brief states that analysts like Mr. Grubman do affect
the price of a company's stock and bonds and may be held
accountable for misrepresentations they may make.  The
plaintiffs' law firm Bernstein Litowitz Berger & Grossman intend
to assert that Mr. Grubman, the most powerful Wall Street
telecommunications analyst in the late 1990s, profoundly
influenced the price of WorldCom stock.

Citigroup, the parent of his employer, is contending that Mr.
Grubman's unrelenting enthusiasm for WorldCom securities had no
impact and therefore investors were not harmed when they relied
on his reports, The New York Times reports.  Lawyers at Paul,
Weiss, Rifkind, Wharton & Garrison in New York, representing
Citigroup in the class action, argue in their brief that this
legal theory should apply neither to analysts in general nor to
Mr. Grubman in particular.  

Their brief asserts that analyst's opinions do not have a
significant effect on securities prices because they are part of
a conglomeration of information.  The brief also said that
because Mr. Grubman's opinions relied on WorldCom disclosures,
there is no reason to believe that those had a distinct impact
"over and above the price consequences of WorldCom's massive
ongoing fraud," Citigroup's lawyers said in their brief,
according to the New York Times.  Thus, each investor should
have to prove that that he was harmed by Mr. Grubman and Salomon
in individual cases, not as a class action.

Lawyers at the SEC disputed the argument, saying that economic
studies showed that analysts' reports affect securities prices
and that their very purpose was to provide information upon
which investors base their decisions.  "A prestigious analyst's
recommendation is certainly a material factor in the stock's
market price," said Lewis D. Lowenfels, an expert in securities
law at Tolins & Lowenfels in New York, according to the New York
Times.  "Given Mr. Grubman's expertise and stature, it is hard
to believe that the magnitude of WorldCom's stock price did not
reflect his recommendations and enthusiasm."

Lawyers for the New York State fund, however, took note of the
"unusually close relationship" between Mr. Grubman and WorldCom,
citing the analyst's attendance at board meetings where
acquisitions were discussed.  Mr. Grubman's influence was so
pervasive that Salomon specifically solicited prospective
investment banking clients by promising them that Mr. Grubman
would "support" the stock with favorable research reports if
they retained Salomon as their investment banker, the brief
stated, the New York Times reports.  

The brief added that the fund discovered new evidence that Mr.
Grubman "fraudulently manipulated the underlying financial
analyses he used to value WorldCom stock to maintain falsely
inflated target prices for the stock and justify a buy rating,
even though WorldCom's performance did not satisfy Salomon's own
criteria to earn such a rating."


                  New Securities Fraud Cases  

ITT EDUCATIONAL: Marc Henzel Lodges Securities Fraud Suit in IN
---------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the District
Indiana on behalf of purchasers of the securities of ITT
Educational Services, Inc. (NYSE: ESI) between April 17, 2003
and February 24, 2004, inclusive (the "Class Period"), seeking
to pursue remedies under the Securities Exchange Act of 1934.

The Complaint alleges defendants violated sections 10(b) and
20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder
by the Securities and Exchange Commission, by issuing a series
of material misrepresentations to the market during the Class
Period.

The complaint alleges that the Company's Class Period
representations regarding its quarterly performance, made in
press releases and SEC filings, were each materially false and
misleading because they failed to disclose that:

     (1) ITT Educational had systematically falsified records,
         such as those relating to enrollment, graduation and
         job placement rates, in order to artificially inflate
         its reported operational and financial performance;

     (2) a material portion of the Company's reported revenues
         were derived through fraudulent business practices,
         such as federal grants and financial aid payments that
         were secured through falsified records;

     (3) the Company's reported results did not accurately
         portray the Company's operations because a material
         portion of those results were attributable to
         prohibited practices; and

     (4) that the Company's results were not prepared and
         reported in accordance with generally accepted
         accounting principles and did not fairly present its
         actual financial results or condition.

On February 25, 2004, before the opening of ordinary trading,
the Company issued a press release announcing that it had been
served with a search warrant and related grand jury subpoenas at
its corporate headquarters and several of its schools. In
reaction to this announcement, the price of ITT Educational
common stock plummeted, falling from $57.40 per share on
February 24, 2004 to close at $38.50 on February 25, 2004 -- a
one-day drop of 33% on unusually heavy trading volume.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


MASTEC INC.: Marc Henzel Lodges Securities Fraud Suit in S.D. FL
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United Stated District Court for the Southern
District of Florida on behalf of purchasers of the securities of
MasTec, Inc. (NYSE: MTZ) between May 13, 2003 and April 12,
2004, inclusive.

The complaint charges MasTec, Austin Shanfelter, and Donald
Weinstein 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 that defendants made material
misstatements with respect to the Company's financial results.

More specifically, the Complaint alleges that defendants failed
to disclose and indicate the following:

     (1) that the Company was materially inflating its financial
         results;

     (2) that the Company was prematurely recognizing revenue on
         various contracts;

     (3) that the Company's practice of improperly recognizing
         revenue was in violation of Generally Accepted
         Accounting Principles ("GAAP");

     (4) that the Company overstated its inventory;

     (5) that the Company failed to have adequate reserves for
         bad debts, inventory, cost overruns, and projected
         losses on certain projects; and

     (6) as a result, the Company's financial results were
         materially inflated at all relevant times.

The truth about the Company's inflated financial results began
to emerge on March 10, 2004, when MasTec announced that the
filing of its 10-K would be delayed past the March 15th
deadline. On news of this shares of MasTec fell $2.00 per share
or 16.75 percent on March 10, 2004 to close at $9.94 per share.
On March 18, 2004, MasTec further declined $2.31 per share, or
23 percent, to close at $7.75 per share when Standard & Poor's
Rating Services put the Company's BB credit rating on watch for
a downgrade.

Then on April 13, 2004, MasTec announced its 2003 operating
results and disclosed material problems that may result in a
restatement of its previously announced financial results. More
specifically, the Company announced a net loss of $39.7 million
($0.83 per share) on revenue of $873.9 million for the year.
Additionally, the Company disclosed that during its review and
analysis of the Company's annual results, MasTec's management
identified a number of matters that impacted current and prior-
period operating results.

These included additional reserves for bad debts and inventory,
cost overruns and projected losses on certain projects,
valuation reserves for state deferred tax assets, revenues
recognized on various contracts, work in progress and inventory
overstatements at a Canadian subsidiary, the closing of
Brazilian operations, the accrual for certain insurance reserves
which was complicated by the receivership of a prior insurance
carrier, and other items. Defendants concluded that these
matters required a detailed analysis and evaluation to determine
the appropriate accounting treatment. Some of these issues may
require restatements of amounts previously reported.

News of this shocked the market. Shares of MasTec's stock price
dropped $1.50 per share, or 15.5 percent, on April 13, 2004 on
unusually large trading volumes.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


MASTEC INC.: Abbey Gardy Lodges Securities Fraud Suit in S.D. FL
----------------------------------------------------------------
Abbey Gardy, LLP initiated a securities class action in the
United States District Court for the Southern District of
Florida on behalf of all purchasers of securities of MasTec Inc.
(MTZ) between May 13, 2003 and April 12, 2004, inclusive.

The Complaint alleges that defendants violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder.  The Complaint names as defendants the
Company, Austin Shanfelter and Donald P. Weinstein.

The Complaint alleges that defendants made material
misstatements with respect to the Company's financial results.
More specifically, the Complaint alleges that defendants failed
to disclose and indicate the following:

     (1) that the Company was materially inflating its financial
         results;

     (2) that the Company was prematurely recognizing revenue on
         various contracts;

     (3) that the Company's practice of improperly recognizing
         revenue was in violation of Generally Accepted
         Accounting Principles;

     (4) that the Company overstated its inventory;

     (5) that the Company failed to have adequate reserves for
         bad debts, inventory, cost overruns, and projected
         losses on certain projects; and

     (6) as a result, the Company's financial results were
         materially inflated at all relevant times.

On March 10, 2004, MasTec announced that the filing of its 10-K
would be delayed past the March 15th deadline. Upon this news,
MasTec shares fell $2.00 per share (16.75%) on March 10, 2004 to
close at $9.94 per share. On March 18, 2004, MasTec further
declined $2.31 per share (23%) to close at $7.75 per share when
Standard & Poor's Rating Services put the Company's BB credit
rating on watch for a downgrade.

On April 13, 2004, MasTec announced its 2003 operating results
and disclosed material problems that could result in a
restatement of its previously announced financial results. More
specifically, the Company announced a net loss of $39.7 million
($0.83 per share) on revenue of $873.9 million for the year.

Additionally, the Company disclosed that during its review and
analysis of the Company's annual results, MasTec's management
identified a number of matters that impacted current and prior-
period operating results. These included additional reserves for
bad debts and inventory, cost overruns and projected losses on
certain projects, valuation reserves for state deferred tax
assets, revenues recognized on various contracts, work in
progress and inventory overstatements at a Canadian subsidiary,
the closing of Brazilian operations, the accrual for certain
insurance reserves which was complicated by the receivership of
a prior insurance carrier, and other items. Defendants concluded
that these matters required a detailed analysis and evaluation
to determine the appropriate accounting treatment. Some of these
issues may require restatements of amounts previously reported.
This news shocked the market. MasTec's stock price dropped $1.50
per share (15.5%) on April 13, 2004 on unusually large trading
volumes.

For more details, contact Susan Lee of Abbey Gardy, LLP by Mail:
212 East 39th Street, New York, New York 10016 by Phone:
(212) 889-3700 or (800) 889-3701 (Toll Free) or by E-mail:
slee@abbeygardy.com.


MCDONALD'S CORPORATION: Marc Henzel Lodges Securities Suit in IL
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United Stated District Court for the Northern
District of Illinois, Eastern Division on behalf of purchasers
of McDonald's Corporation (NYSE: MCD) publicly traded securities
during the period between December 14, 2001 and January 22,
2003, inclusive.

The complaint charges McDonald's and certain of its officers and
directors with violations of the Securities Exchange Act of
1934.  The complaint alleges that during the Class Period,
defendants issued false and misleading statements to the
marketplace that artificially inflated the price of McDonald's
shares.

In particular, the Company misrepresented its business and
future prospects by failing to disclose and misrepresenting that
hundreds of its restaurants were under-performing and that the
Company had incurred hundreds of millions of dollars in
unrecorded asset impairment and other charges.

Defendants' scheme began to unravel when in September 2002, the
Company reported that "comparable sales" (i.e., year-over-year
sales comparisons for restaurants that had been open for more
than thirteen months) had continued to decline, especially in
U.S. and European markets, making it impossible for the Company
to meet its 2002 earnings guidance.

Then on January 23, 2003, defendants announced that the Company
had incurred losses of more than $810 million related,
primarily, to the closure of over 700 under-performing
restaurants and the write-off of hundreds of millions of dollars
of previously capitalized technology costs.

Prior to the disclosure of the adverse facts described above,
the Company completed fixed-rate debt offerings of at least $900
million at highly favorable interest rates. In addition, the
Individual Defendants, as well as other McDonald's insiders,
sold over 939,000 shares of McDonald's common shares, at or near
market highs, generating proceeds of more than $26 million.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


NOKIA OYJ: Marc Henzel Lodges Securities Fraud Suit in S.D. NY
--------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United Stated District Court for the Southern
District of New York on behalf of purchasers of the securities
of Nokia OYJ (Nokia Corp.) (NYSE: NOK) between January 8, 2004
and April 6, 2004, inclusive.

The complaint charges Nokia, Jorma Ollila, Richard Simonson,
Pekka Ala- Pietila, and Matti Alahuhta with violations of
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934,
and Rule 10b-5 promulgated thereunder.  More specifically, the
complaint alleges that, throughout the Class Period, defendants
issued numerous statements to the market concerning the
Company's financial results, which failed to disclose and/or
misrepresented the following adverse facts, among others:

     (1) that the Company's market share for its handsets was
         eroding;

     (2) that this was due to its failure to introduce
         attractive handsets (a GSM clamshell model) in key
         middle-markets such as the United States, Asia, and
         Europe;

     (3) that sales of networking equipment were worse than
         expected due to market erosion of Nokia's products;

     (4) that the Company's new reorganization to four operating
         divisions did not energize the Company but rather
         reduced responsiveness to its business problems and
         caused the Company to experience operational
         effectiveness; and

     (5) that, as a result of the foregoing, defendants lacked a
         reasonable basis for their positive statements about
         the Company and their earnings projections.

On April 6, 2004, Nokia announced that its first quarter 2004
net sales would be below guidance. Nokia's net sales for the
first quarter 2004 were estimated to be EUR 6.6 billion,
representing a decline of 2% compared to the first quarter 2003
(vs. guidance of up 3-7%). News of this shocked the market.
Shares of Nokia on the NYSE fell 18.6%, or $3.94 per share, to
close at $17.21 per share, down nearly 27% from their 52-week
high of $23.52 per share in early March 2004. Additionally,
shares of Nokia on the Helsinki exchange dropped 17.1% to 14.38
euros ($17.39).

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


NOVASTAR FINANCIAL: Marc Henzel Files Securities Suit in W.D. MO
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Western
District of Missouri, Western Division on behalf of purchasers
of the securities of NovaStar Financial, Inc. (NYSE:NFI) between
October 29, 2003 and April 11, 2004, inclusive seeking to pursue
remedies under the Securities Exchange Act of 1934.

The action, is pending against defendants NovaStar, Scott F.
Hartman (CEO, Chairman), W. Lance Anderson (President, COO) and
Rodney E. Schwatken (Principal Accounting Officer). According to
the complaint, defendants violated sections 10(b) and 20(a) of
the Exchange Act, and Rule 10b-5, by issuing a series of
material misrepresentations to the market during the Class
Period.

The complaint alleges that throughout the Class Period, NovaStar
issued press releases, and filed financial reports with the SEC,
reporting record growth on the strength of its core business.
Unbeknownst to investors, the complaint charges, the Company's
growth had outpaced its ability to maintain compliance with
applicable regulations governing its business, thereby
subjecting the Company to fines, regulatory action(s) and the
serious, but undisclosed, risk that such non-compliance could
materially and negatively impact the Company's ability to
conduct business. Instead of disclosing these serious risks, and
the fact that the Company had already been fined for
noncompliance in two states, the Company continued to tout its
operational accomplishments to artificially inflate its stock
price because it was planning two follow-on equity offerings to
raise capital.

The Company's compliance problems were exposed by The Wall
Street Journal, in an April 12, 2004 article headlined "Moving
the Market -- Tracking the Numbers / Outside Audit: NovaStar's
Rise Has Ring of Deja Vu -- Lender's Licensing Woes In Nevada,
Other States May Flag Larger Concerns." In response to the
announcement, the price of NovaStar common stock plummeted
precipitously, closing at $37.50 per share on April 12, 2004,
down from $54.18 per share on April 8, 2004 (the last trading
day before the disclosure) -- a one day drop of 30.7% on
unusually high trading volume.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


NOVASTAR FINANCIAL: Milberg Weiss Lodges Securities Suit in MO
--------------------------------------------------------------
Milberg Weiss Bershad Hynes & Lerach LLP initiated a securities
class action in the United States District Court for the Western
District of Missouri on behalf of purchasers of NovaStar
Financial, Inc. (NYSE: NFI) common stock during the period
between October 29, 2003 and April 8, 2004.

The complaint charges NovaStar and certain of its officers and
directors with violations of the Securities Exchange Act of
1934.  On April 19, 2004, the SEC announced that it has begun an
inquiry into NovaStar's business practices.  In response, the
Company's shares plummeted to below $32 per share.

For more details, contact William Lerach or Darren Robbins of
Milberg Weiss by Phone: 800/449-4900 by E-mail: wsl@mwbhl.com or
visit the firm's Website:
http://www.milberg.com/cases/novastarfinancial/.


QUOVADX INC.: Marc Henzel Files Securities Fraud Suit in N.D. CA
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Northern
District of California on behalf of all persons who purchased
the publicly traded securities of Quovadx, Inc. (Nasdaq: QVDX)
between November 3, 2003 and March 15, 2004, inclusive.

The Complaint alleges that defendants, including certain of its
officers and directors, with violations of Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 as well as Rule
10b-5 promulgated thereunder. Quovadx, Inc. provides software
and services that enable companies to achieve competitive
process advantage.

The complaint will allege that defendants issued a series of
materially false and misleading statements regarding the
Company's business, financial condition, earnings and prospects.
Specifically, on March 16, 2004, shares tumbled after the
software firm said it had failed to collect payments from a
large customer, forcing a restatement of 2003 results. The
Englewood, Colo., company also disclosed that it would delay
filing its annual report with the Securities and Exchange
Commission to allow time to complete the revisions.

Quovadx said it had been unsuccessful in collecting funds from
Infotech Network Group, a consortium of 15 Indian information-
technology companies. Quovadx had previously recorded more than
$11 million in revenue from the Infotech contract. Now, Quovadx
will remove the Infotech revenue from its 2003 results. As a
result of these materially false and misleading statements and
omissions, plaintiff will allege that the price of QVDX
securities was artificially inflated during the Class Period.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


QUOVADX INC.: Weiss & Yourman Initiates Securities Lawsuit in CO
----------------------------------------------------------------
Weiss & Yourman lodged a securities class action against
Quovadx, Inc. (NASDAQ:QVDX) and its officers was commenced in
the United States District Court for the District of Colorado,
on behalf of purchasers of Quovadx securities between October
22, 2003 and March 15, 2004.

The complaint charges the defendants with violations of the
Securities Exchange Act of 1934. The complaint alleges that
defendants issued false and misleading statements which
artificially inflated the stock.

For more details, contact Mark D. Smilow, James E. Tullman, and
David C. Katz by Mail: The French Building, 551 Fifth Avenue,
Suite 1600, New York, New York 10176 by Mail: (888) 593-4771 or
(212) 682-3025


SIEBEL SYSTEMS: Marc Henzel Lodges Securities Lawsuit in N.D. CA
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Northern
District of California on behalf of purchasers of Siebel
Systems, Inc. (Nasdaq: SEBL) publicly traded securities during
the period between October 1, 2001 and July 17, 2002, inclusive.

The complaint charges Siebel Systems and certain of its officers
and directors with violations of the Securities Exchange Act of
1934.  The complaint alleges that during the Class Period,
defendants issued false and misleading statements to the
marketplace that artificially inflated the price of Siebel
Systems shares.

In particular, the Company misrepresented its business and
future prospects by overstating customer acceptance of its new
product offerings -- including Siebel 7 CRM -- and failed to
disclose that "independent" customer satisfaction surveys which
persuaded investors that a vast majority of the Company's
customers would purchase products from the Company in the future
were in fact carried out by an affiliated company and could not
be relied upon.

On July 17, 2002, Siebel announced its second quarter June 30,
2002 earnings reporting a precipitous drop in revenues of more
than 15% and a 33% shortfall in earnings compared to consensus
analyst forecasts. The Company also confirmed the continuing
slide in demand for Siebel Systems' products by slashing revenue
forecasts for the remainder of 2002 by an additional 25% -- or
$600,000,000 below guidance provided by defendants just six
months prior. In unusually heavy volume of 65 million shares
traded, Siebel Systems share prices dropped $2.13 on July 18 to
close at $9.61.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


SPEAR & JACKSON: Milberg Weiss Lodges Securities Suit in S.D. FL
----------------------------------------------------------------
Milberg Weiss Bershad Hynes & Lerach LLP initiated a securities
class action filed in the United States District Court for the
Southern District of Florida on behalf of purchasers of Spear &
Jackson, Inc. (SJCK) (OTC:SJCK.OB) publicly traded securities
during the period between July 14, 2003 and April 15, 2004.

The complaint charges SJCK and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. SJCK manufactures and distributes tools, garden tools,
metrology equipment, woodworking tools and magnetic equipment.

The complaint alleges that during the Class Period defendants
disseminated materially false and misleading information to the
investing public that artificially inflated SJCK's share price.  
According to the complaint, the true facts which were known by
each of the defendants, but concealed from the investing public
during the Class Period, were as follows:

     (1) that defendants orchestrated a "pump-and dump" scheme
         to manipulate the share price of SJCK stock by issuing
         false information to tout SJCK stock to registered
         representatives and broker-dealers around the country;

     (2) that defendants used nominee companies based in the
         British Virgin Islands illegally to obtain over 1.2
         million shares of SJCK stock during 2002, some of which
         was obtained through the filing of a fraudulent Form S-
         8 registration statement;

     (3) that the Company's repurchase of shares was not in
         compliance with applicable rules;

     (4) that the Company never had any intention of making open
         market purchases as suggested in its January 16, 2004
         release; and

     (5) that the Company was not on track to achieve earnings
         of $0.50 to $0.55 per share for 2004.

As a result of the defendants' false statements, SJCK's stock
price traded at inflated levels during the Class Period,
increasing to as high as $9.55 on July 15, 2003, whereby the
Company's top officers and directors sold more than $3 million
worth of their own shares.  On April 16, 2004, it was announced
that U.S. securities regulators had sued SJCK Chief Executive
Dennis Crowley, alleging he used false information to boost the
Company's stock price while secretly selling $3 million in
shares. SJCK shares fell $0.52 to $1.85 on this news.

For more details, contact William Lerach or Darren Robbins by
Phone: 800/449-4900 by E-mail: wsl@mwbhl.com or visit the firm's
Website: http://www.milberg.com/cases/spear/.


SPEAR & JACKSON: Cauley Geller Lodges Securities Suit in S.D. FL
----------------------------------------------------------------
Cauley Geller Bowman & Rudman, LLP initiated a securities class
action in the United States District Court for the Southern
District of Florida on behalf of purchasers of Spear & Jackson,
Inc. (OTC Bulletin Board: SJCK) publicly traded securities
during the period between July 14, 2003 and April 15, 2004,
inclusive.

The complaint charges SJCK and certain of its officers and
directors with violations of the Securities Exchange Act of
1934.  SJCK manufactures and distributes tools, garden tools,
metrology equipment, woodworking tools and magnetic equipment.

The complaint alleges that during the Class Period defendants
disseminated materially false and misleading information to the
investing public that artificially inflated SJCK's share price.  
According to the complaint, the true facts which were known by
each of the defendants, but concealed from the investing public
during the Class Period, were as follows:

     (1) that defendants orchestrated a "pump-and-dump" scheme
         to manipulate the share price of SJCK stock by issuing
         false information to tout SJCK stock to registered
         representatives and broker-dealers around the country;

     (2) that defendants used nominee companies based in the
         British Virgin Islands illegally to obtain over 1.2
         million shares of SJCK stock during 2002, some of which
         was obtained through the filing of a fraudulent Form S-
         8 registration statement;

     (3) that the Company's repurchase of shares was not in
         compliance with applicable rules;

     (4) that the Company never had any intention of making open
         market purchases as suggested in its January 16, 2004
         release; and

     (5) that the Company was not on track to achieve earnings
         of $0.50 to $0.55 per share for 2004.

As a result of the defendants' false statements, SJCK's stock
price traded at inflated levels during the Class Period,
increasing to as high as $9.55 on July 15, 2003, whereby the
Company's top officers and directors sold more than $3 million
worth of their own shares.

On April 16, 2004, it was announced that U.S. securities
regulators had sued SJCK Chief Executive Dennis Crowley,
alleging he used false information to boost the Company's stock
price while secretly selling $3 million in shares. SJCK shares
fell $0.52 to $1.85 on this news.

For more details, contact Samuel H. Rudman, David A. Rosenfeld,
Esq. or Jackie Addison by Mail: P.O. Box 25438, Little Rock, AR
72221-5438 by Phone: 1-888-551-9944 by Fax: 1-501-312-8505 or by
E-mail: info@cauleygeller.com


SPEAR & JACKSON: Charles Piven Lodges Securities Suit in S.D. FL
----------------------------------------------------------------
The Law Offices Of Charles J. Piven, P.A. initiated a securities
class action on behalf of shareholders who purchased, converted,
exchanged or otherwise acquired the common stock of Spear &
Jackson, Inc. (OTC BB:SJCK.OB) between July 14, 2003 and April
15, 2004, inclusive.  The case is pending in the United States
District Court for the Southern District of Florida against
defendant Spear & Jackson, Inc. and one or more of its officers
and/or directors.

The action charges that defendants violated federal securities
laws by issuing a series of materially false and misleading
statements to the market throughout the Class Period which
statements had the effect of artificially inflating the market
price of the Company's securities.

For more details, contact Charles J. Piven, P.A. by Mail: The
World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525,
Baltimore, Maryland 21202, by Phone: 410-986-0036 or by E-mail:
hoffman@pivenlaw.com.


SPX CORPORATION: Marc Henzel Lodges Securities Suit in W.D. NC
--------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Western
District of North Carolina on behalf of purchasers of the
securities of SPX Corporation (NYSE: SPW) between July 28, 2003
and February 26, 2004, inclusive (the "Class Period"), seeking
to pursue remedies under the Securities Exchange Act of 1934.

The complaint charges SPX, John B. Blystone, Patrick J. O'leary,
Ronald L. Winowieck, Christopher J. Kearney, and Lewis M. Kling
with violations of Section 10(b) and 20(a) of the Securities
Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.

Throughout the Class Period, defendants issued false and
misleading projections of the Company's fiscal year 2003
earnings per share. Defendants emphasized increased free cash
flow and earnings per share throughout the Class Period.

Defendants failed to disclose that these results were only made
possible through a last minute one-time gain resulting from a
legal settlement, and were not reflective of the deteriorating
underlying business operations of the Company. As a result,
defendants' Class Period statements were materially false and
misleading as to the profitability of its current organic
operations and the Company's future earnings. SPX stock
plummeted 21%, on usually high trading volume of 16 million
shares, from its February 26, 2004 close of $53.30 per share to
a close of $42.00 on February 27, 2004.

Throughout the Class Period, defendants issued public statements
assuring investors that SPX was on track to meet its earnings
per share projections, when in fact, defendants knew the
Company's financial growth had materially declined. While the
investing public was shielded from the truth of the Company's
poor earnings prospects, in January and February 2004 Defendant
and CEO Blystone sold significant portions of his own SPX
holdings, amounting to over $41 million in SPX stock. On
February 27, 2004 defendants filed the 2003 Form 10-K with the
SEC, revealing the true financial condition of SPX, and that the
Company was only able to meet its EPS projections through
inclusion of a one-time gain.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


SUPERCONDUCTOR TECHNOLOGIES: Marc Henzel Files Stock Suit in CA
---------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court Western District of
California on behalf of all purchasers of the common stock of
Superconductor Technologies, Inc. (Nasdaq: SCON) between January
9, 2004 and March 1, 2004, inclusive.

The action is pursuing remedies under the Securities Exchange
Act of 1934.  The complaint charges the Company and certain of
its officers and directors for violations of the federal
securities laws.  During the Class Period, it is alleged that
the Company projected first quarter 2004 revenues to be in the
range of 10 to 13 million dollars.  However, in actuality, first
quarter revenues were later announced to be closer to 4 million
dollars, due to changes in demand made by two (2) of the
Company's customers.

The complaint further alleges that the Company and its officers
and directors knew of this decreased demand for its product well
in advance of this previous allegedly inflated revenue
projection.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


TELEVISION AZTECA: Marc Henzel Lodges Securities Suit in S.D. NY
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Southern
District of New York on behalf of all purchasers of the of
Television Azteca SA de CV (NYSE: TZA) from October 6, 2003
through January 7, 2004, inclusive.

During the Class Period defendants failed to disclose certain
related- party transactions between a privately-held company
jointly owned by the Company's Chairman, Ricardo Salinas Pliego
("Salinas") and the Company's President, M. Saba Masri ("Saba")
and one of the Company's affiliates -- Unefon Corporacion RBS
("Unefon"), a wireless telecommunications provider in Mexico.
Specifically, defendants denied any affiliation with a "white-
knight" group of investors that had saved Unefon from bankruptcy
back in June of 2002.

Defendants stonewalled disclosure of the true facts, including
ignoring advice from their securities lawyers in the U.S., until
a spin-off of Unefon was completed in December 2002. The spin-
off anticipated that Unefon's shares would be registered to
trade in the U.S. markets facilitating a merger with Salinas'
other telecommunications holdings.

Then, on January 9, 2004, defendants stunned the markets by
admitting that the "white-knight" investors were in fact Salinas
and Saba who made a profit of $218 million when their privately-
held company bought Unefon's debt for $107 million and then sold
it back for $325 million.

Market reaction to defendants' belated disclosures was severe.
By January 12, 2004, the first day of trading following the
Company's admission, the price of TV Azteca securities fell more
than 14.9 percent in value to close at $7.76 per share in heavy
trading volume.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


UNIVERSAL HEALTH: Marc Henzel Lodges Securities Suit in E.D. PA
---------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Eastern
District of Pennsylvania on behalf of purchasers of the
securities of Universal Health Services, Inc. (NYSE: UHS)
between July 21, 2003 and February 27, 2004, inclusive, seeking
to pursue remedies under the Securities Exchange Act of 1934.

The action, numbered 04 cv 1233 is pending in the United States
District Court for the Eastern District of Pennsylvania against
defendants Universal Health and certain of its senior executive
officers.  According to the complaint, defendants violated
sections 10(b) and 20(a) of the Securities Exchange Act of 1934,
and Rule 10b-5 promulgated thereunder, by issuing a series of
material misrepresentations to the market during the Class
Period.

The complaint alleges that defendants materially misled the
investing public, thereby inflating the price of UHS stock, by
publicly issuing false and misleading statements and omitting to
disclose material facts necessary to make defendants' statements
as set forth herein, not false and misleading. These statements
and omissions were materially false and misleading in that they
failed to disclose material adverse information and
misrepresented the truth about the Company, its financial
performance, earnings momentum, and future business prospects,
including:

     (1) UHS was unable to compete effectively in key markets;

     (2) UHS hospitals were losing better-paying patients to
         their competitors and the proportion of uninsured
         patients, who constitute a greater credit risk, was
         increasing;

     (3) due to poor case management, certain UHS hospitals were
         unable to effectively manage their caseloads and, as a
         consequence, had experienced an increase in the number
         of patients who remained hospitalized at UHS facilities
         beyond the period reimbursable by Medicaid and Medicare
         and that, therefore, the hospitals were not receiving
         full payments for the services provided;

     (4) defendants failed to properly write-off uncollectible
         receivables, and materially overstated UHS's financial
         results by maintaining known uncollectible accounts as
         assets during the Class Period;

     (5) the Company's allowance for doubtful accounts was
         insufficient and, as a result, the Company's reported
         operating income was artificially inflated; and

     (6) the Company's reported operating income was not a true
         measure of the Company's operating performance because
         defendants failed to properly deduct from operating
         income the appropriate allowance for doubtful accounts.

On March 1, 2004, before the markets opened, defendants shocked
investors by withdrawing their guidance for 2004 and announcing
that earnings per diluted share for the three-month period
ending March 31, 2004 could be as much as 25% lower than the
$0.84 per diluted share recorded in the same period in the prior
year.

Defendants attributed the decline in substantial part to UHS's
inability to compete effectively in two key markets in Nevada
and Texas, erosion of UHS's market share, poor case management
resulting in an increase in the length of patient stays beyond
the period reimbursable by Medicaid or Medicare, and a
pronounced increase in bad debt from uninsured patients. The
Company which had already increased its provision for doubtful
accounts in the fourth quarter of 2003 to $74.3 million, or 7.8%
of revenues, as compared to $58 million, or 6.9% of revenues,
during the prior year's fourth quarter, said that bad debt in
2004 was likely to exceed the Company's previously reported
expectation of 9.5% of revenues. On this news, the price of UHS
shares fell $9.05, or 17%, to $44.88.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


VASO ACTIVE: Marc Henzel Files Securities Fraud Suit in MA Court
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the District of
Massachusetts, on behalf of purchasers of the securities of Vaso
Active Pharmaceutical, Inc. (OTC: VAPH.PK) between December 11,
2003 and March 31, 2004, inclusive (the "Class Period"), seeking
to pursue remedies under the Securities Exchange Act of 1934.

The action is pending against defendants Vaso, John J. Masiz
(President and CEO), and Stephen G. Carter (Chief Scientific
Officer).  According to the complaint, defendants violated
sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by
issuing a series of material misrepresentations to the market
during the Class Period.

The complaint alleges that throughout the Class Period, Vaso
issued press releases, and filed financial reports with the SEC,
touting the Company's clinical trial of its anti-fungal product
as being "revolutionary", and stated that the trial was
supervised by a team of independent physicians, analyzed by the
New England Medical Center of Boston, and endorsed by the
American Association of Medical Foot Specialists.  The complaint
charges that defendants' assertions were grossly misleading
because:

     (1) the New England Medical Center had nothing to do with
         the study associated with the trial, it was not
         involved in the selection of patients for the trial,
         and it had not analyzed the trial results or drawn any
         conclusions of its effectiveness;

     (2) the trial was supervised by one podiatrist, not a group
         of independent physicians, who was selected by the
         Company's majority shareholder and compensated by the
         Company;

     (3) the Company's so-called "clinical trial" was more than
         half a decade old;

     (4) the Association of Medical Foot Specialists is not
         widely known in the medical community, and its
         endorsement of Vaso's product was bargained for in
         exchange for a donation by Vaso to the Association's
         scholarship program; and

     (5) there was little, if any, institutional demand for
         Vaso's securities.

On April 1, 2004, before the market opened, the Securities and
Exchange Commission issued a press release announcing the
temporary suspension of trading of Vaso stock because of
"questions regarding the accuracy of assertions by VAPH (Vaso)
and by others. . . concerning, among other things: FDA approval
of certain key products, and the regulatory consequences of the
future application of their primary product."

Moreover, on April 7, 2004, Vaso announced that the Company had
received a letter from the Nasdaq Listing Investigations
department regarding Vaso's compliance with Nasdaq listing
requirements. In response to the Nasdaq letter, Vaso stated "In
view of the substantial administrative and cash burdens being
borne by the Company at this time, the Company has determined
that it is in the best interest of shareholders to voluntarily
cause its shares to be removed from Nasdaq".

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


VERDISYS INC.: Marc Henzel Commences Securities Suit in S.D. TX
---------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Southern
District of Texas, Houston Division, on behalf of purchasers of
the securities of Verdisys, Inc. (OTC: VDYS.PK) between August
20, 2003 and March 9, 2004, inclusive.

The complaint charges Verdisys and its former Chief Executive
Officer, Dan Williams, and the Company's former Chief Financial
Officer, Andrew Wilson, 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 that defendants made materially
misstatements with respect to the Company's financial results.  
More specifically, the Complaint alleges that defendants failed
to disclose and indicate:

     (1) that the Company had materially overstated its net
         income and earnings per share;

     (2) that defendants prematurely recognized revenue from
         contracts between the Company, Edge Capital Group, Inc.
         and Energy 2000 in violation of GAAP and its own
         revenue recognition policy;

     (3) that the Company lacked adequate internal controls and
         was therefore unable to ascertain the true financial
         condition of the Company; and

     (4) that as result of recognizing revenue prematurely, the
         Company's financial results were inflated at all
         relevant times.

On March 10, 2004, the United States Securities and Exchange
Commission (SEC) announced the temporary suspension of trading
of the securities of Verdisys at 9:30 a.m. on March 10, 2004,
and terminating at 11:59 p.m. on March 23, 2004. The SEC further
stated that temporarily suspending trading in the securities of
Verdisys was because of questions that had been raised about the
accuracy and adequacy of publicly disseminated information,
including assertions made in Commission filings, concerning,
among other things, the company's business operations related to
its lateral drilling services and the company's anticipated and
actual revenues.

On March 15, 2004, the Company announced that it was conducting
an ongoing internal investigation that began in December 2003
into the Company's activities in the second and third quarters
of 2003. The Company had thus far been unable to determine
whether certain radial drilling services were actually provided
to two of Verdisys' customers, Edge Capital Group, Inc. and
Energy 2000 NGC, Inc. in the Monroe field in Louisiana.
Accordingly, the Company expected to restate its interim 2003
financial statements to reverse $230,000 of revenue in the
quarter ended June 30, 2003, and $605,000 of revenue in the
quarter ended September 30, 2003, until such a time that it
could confirm such services were performed.

When shares of Verdisys resumed trading on March 24, 2004, they
plummeted $2.10 per share, or 35.9%, on unusually high volume to
close at $3.75 per share.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


WHITEHALL JEWELLERS: Marc Henzel Launches Stock Suit in N.D. CA
---------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Northern
District of Illinois on behalf of purchasers of Whitehall
Jewellers, Inc. (NYSE:JWL) common stock during the period
between November 19, 2001 and December 10, 2003.

The complaint charges Whitehall and certain of its officers and
directors with violations of the Securities Exchange Act of
1934.  Whitehall is a specialty retailer of fine jewelry
offering an in-depth selection in the following key categories:
diamond, gold, precious and semi-precious jewelry.

The complaint alleges that during the Class Period, defendants
caused Whitehall's shares to trade at artificially inflated
levels through the issuance of false and misleading financial
statements.  As a result of this inflation, defendants were able
to complete an insider trading scheme, raising proceeds of $5.3
million.

On November 6, 2003, it was announced that Whitehall had
received "a subpoena from the U.S. Securities and Exchange
Commission as part of a formal investigation into a complaint
that Whitehall aided a former supplier in an accounting fraud."
On December 11, 2003, it was announced that Whitehall had fired
its Chief Financial Officer and would delay reporting results
for its fiscal third quarter, and later that month that
Whitehall would be restating its "financial statements for
fiscal 2000, 2001 and 2002, including the 2002 quarters then
ended, and the first two quarters ended July 31, 2003."

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       


WINN-DIXIE STORES: Marc Henzel Lodges Securities Suit in M.D. FL
----------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class
action in the United States District Court for the Middle
District of Florida on behalf of purchasers of the securities of
Winn-Dixie Stores, Inc. (NYSE: WIN) between May 6, 2002 and
January 30, 2004, inclusive.

Throughout the Class Period, Winn-Dixie was suffering from
substantial undisclosed long-term business and financial
problems.  Nevertheless, then CEO Allen Rowland continued to
tell investors that Winn-Dixie was capitalizing on its strategic
marketing plan.  Mr. Rowland also touted the Company's success
in announcements throughout the Class Period declaring cash
dividends to Winn-Dixie shareholders.  In June 2003, Mr. Rowland
stepped down as CEO, receiving a $7.7 million severance payment.

Frank Lazaran, his successor, ordered a comprehensive review of
Winn-Dixie's "entire business model."  Even while this
restructuring was underway, Winn-Dixie and Mr. Lazaran
repeatedly told the public that the Company was successfully
executing its sales and marketing plan.

On January 30, 2004, Winn-Dixie stunned the public by announcing
a $79.5 million loss, or $0.57 per share, for its second fiscal
quarter ended January 7, 2004.  Mr. Lazaran meekly told the
public: "[W]e recognize that we cannot continue down this path."
Winn-Dixie's stock plunged nearly 28% on volume of 24.6 million
shares; the company discontinued dividend payments indefinitely.

Winn-Dixie announced a "series of major actions," including a
plan for $100 million in expense reductions by July 1, 2004, in-
depth analysis of the Company's core markets and market share,
and an "image makeover program." Winn-Dixie also announced it
must recognize a $36.4 million charge to earnings for asset
impairment, and add $21.4 million to reserves for self-
insurance.

For more details, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com       

                            *********


A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the Class Action Reporter. Submissions
via e-mail to carconf@beard.com are encouraged.

Each Friday's edition of the CAR includes a section featuring
news on asbestos-related litigation and profiles of target
asbestos defendants that, according to independent researches,
collectively face billions of dollars in asbestos-related
liabilities.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Class Action Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.   Roberto Amor, Aurora Fatima Antonio and Lyndsey Resnick,
Editors.

Copyright 2004.  All rights reserved.  ISSN 1525-2272.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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