CHICAGO, April 26, 2002 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that class action lawsuits are pending in various federal courts on behalf of purchasers of the following securities during the periods set forth below:
Company Class Period Symbol Technologies, Inc. October 19, 2000 - February 13, 2002 (NYSE:SBL) Measurement Specialties, Inc. August 1, 2001 - February 14, 2002 (AMEX:MSS)
Much Shelist is currently investigating potential claims against these companies. If you purchased securities in any of these companies during the periods listed and wish to discuss your rights and interests in any of these matters, or if you have information relevant to any of the lawsuits, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchlaw.com. Your e-mail should refer to the company or companies that affect you. A description of the investigations follows:
Symbol Technologies, Inc. (NYSE:SBL)
Lead Plaintiff Petitions Due May 6, 2002
Much Shelist is investigating whether Symbol Technologies, Inc. ("Symbol Technologies") and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading statement concerning their business and financial condition. Specifically, Symbol Technologies allegedly engaged in the following conduct that had the effect of increasing the Company's reported revenue and profits:
(1) The Company booked as profit in the third quarter 2000 a one-time
royalty payment in excess of $10 million, enabling it to make its
third quarter projections;
(2) The Company used expenses associated with its acquisition of
Telxon to mask the fact that its sales were declining; and
(3) The Company booked as having shipped in the first quarter of 2001
more than $40 million in inventory that included side provisions
allowing customers to delay payments or return merchandise, or
included products that "never left the warehouse." The Company
subsequently had a second-quarter 2001 inventory write-down of
$67.1 million after tax.
On February 13, 2002, Newsday, Inc. reported that the Company had engaged in the above-described accounting practices, received an inquiry letter from the Securities and Exchange Commission, and had hired accounting and consulting firm KPMG to review its sales process. The next day the Company announced it was lowering its outlook for 2002 earnings and that its Chief Executive Officer would retire in May 2002. In response to the Newsday article and the Company's announcements, the price of Symbol Technologies stock plunged more than 53% from an opening price of $14.15 on February 14, 2002 to a low of $6.60 on February 15, 2002 on unusually heavy trading volume.
Measurement Specialties, Inc. (AMEX:MSS)
Lead Plaintiff Petitions Due May 20, 2002
Much Shelist is investigating whether Measurement Specialties, Inc. ("Measurement Specialties") and certain of its officers and directors violated Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by falsely enhancing and improperly recognizing revenues and overstating inventories.
The truth about the state of the Company's finances began to emerge on February 15, 2002, when Measurement Specialties issued a press release before the market opened stating that the Company:
-- would delay filing its financial report for the third fiscal
quarter ended December 31, 2001 because it was in the process of
verifying its earnings and inventory valuation;
-- expected a significant third quarter 2001 loss;
-- was in default under its loan agreements;
-- expected to restate its financial statements for the second fiscal
quarter ended September 30, 2001 and possibly for other periods;
and
-- had terminated its chief financial officer.
After the announcement, trading of Measurement Specialties stock was abruptly halted. It has not yet resumed. The shares had traded as high as $16 during the Class Period.
Much Shelist seeks to recover damages on behalf of class members in these companies. If you purchased securities in any of these companies during the Class Periods referenced above and if you meet certain other legal requirements, you may move the court where the lawsuit(s) has been filed within the time period described above to serve as a lead plaintiff. Please contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchlaw.com. Your e-mail should refer to the company or companies that affect you.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.