NEW YORK, May 21 /PRNewswire/ -- In a press release issued May 10, 1999, Osicom Technologies, Inc. (Nasdaq: FIBR) announced its financial results for the first fiscal quarter ended April 30, 1999, reporting that total revenues for its core, U.S.-based continuing operations had increased by 28 percent, to $19 million. Pomerantz Haudek Block Grossman & Gross LLP (http://www.pomerantzlaw.com), which has a pending securities fraud action against Osicom, reports that, following the announcement, the price of the Company's common stock rose to $11 per share, after having closed at only $7-12/16 per share on the previous trading day. Notwithstanding this increase, the share price remains far below the price at which the stock was trading prior to Osicom's April 20, 1999 announcement that it had received no orders from a Japanese customer pursuant to a contract that the Company had previously reported could be worth as much as $90 million, according to the Pomerantz firm. In the class action filed by the Pomerantz firm -- pending in the United States District Court for the Northern District of California on behalf of all persons who purchased securities of Osicom between July 1, 1998 and April 20, 1999, inclusive (the "Class Period"), and were damaged thereby -- the Complaint charges that Osicom and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements to the investing public concerning its purported exclusive contract with a Japanese customer. Specifically, the Complaint alleges that defendants materially misrepresented the Company's prospects in connection with the agreement by misrepresenting the value of the contract to be worth more than $90 million over two years, when, in fact, the agreement merely required the customer to pay $175,000 towards certain design costs and provided no real commitment to purchase any of the Company's product. The Complaint alleges defendants' conduct artificially inflated the price of the Company's securities during the Class Period. If you purchased Osicom securities during the Class Period, you have until June 21, 1999 to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Mildred C. Frazzitta, Esq. or Julian Carr of the Pomerantz firm at 888-476-6529 (or (888)-4-POMLAW), toll free, or at mcfrazzitta@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and phone number. The Pomerantz firm is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm has continued in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. In doing so, the Firm has been responsible for hundreds of millions of dollars in recoveries on behalf of class members. The Pomerantz firm's Senior Partner, Stanley M. Grossman, leads a team of legal professionals who litigate in courts throughout the United States. The Firm affiliates, as necessary, with other highly qualified counsel throughout the nation. Mr. Grossman, formerly president of the National Association of Securities and Commercial Attorneys, was recently invited to testify before the House Subcommittee on Courts and Intellectual Property concerning the Class Action Jurisdiction Act of 1998. Mr. Grossman aided congressional assistants in the drafting of this bill. CONTACT: Mildred C. Frazzitta, Esq. of Pomerantz Haudek Block Grossman & Gross LLP, 888-476-6529 ((888)-4-POMLAW) or mcfrazzitta@pomlaw.com  