LOS ANGELES, Nov. 19, 2010 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of DynaVox, Inc. ("DynaVox" or the "Company") (Nasdaq:DVOX) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's April 21, 2010 initial public offering (the "IPO"), have 25 days until the December 13, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Le v. DynaVox, Inc., et al., No. 10-cv-01357-DWA, has been assigned to the Honorable Donetta W. Ambrose, United States District Judge for the Western District of Pennsylvania.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges DynaVox and certain of the Company's executive officers, among others, with violations of federal securities laws. DynaVox designs, manufactures and distributes electronic and symbol-based augmentative communication equipment, software and services. The Company offers speech generating technology and special education software solutions for individuals with speech, language, physical or learning disabilities. The Complaint alleges that defendants issued materially false and misleading statements concerning DynaVox's business, operations and financial prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company was experiencing a softening of demand for its speech generating devices and for its software products; and (2) as a result, the weak demand for the Company's products would cause DynaVox's financial results to trend adversely compared to the trends included in the Registration Statement.
On September 30, 2010, DynaVox issued a press release commenting on the Company's first quarter fiscal 2011 results and disclosed that "the Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Company's long-term future operating potential."
As a result of this news, shares of DynaVox declined $2.68 per share, or approximately 33%, to close on October 1, 2010 at $5.44 per share, on unusually heavy volume of more than 3.4 million shares traded.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing DynaVox securities pursuant and/or traceable to the Company's April 21, 2010 IPO may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the December 13, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing DynaVox shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.