NEW YORK, Aug. 17, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the Eastern District of New York, on behalf of shareholders who purchased or otherwise acquired the securities of Symbol Technologies, Inc. ("Symbol" or the "Company") (NYSE:SBL) between May 10, 2004 to August 1, 2005, inclusive (the "Class Period"). Murray, Frank & Sailer LLP is seeking to pursue remedies under the Securities Exchange Act of 1934 against Symbol, William R. Nuti, and Mark T. Greenquist.
Symbol engages in the design, development, manufacture, and service of products and systems used in enterprise mobility solutions. Following major accounting scandals from 1998 to 2003, Symbol settled government and private litigation and, as set forth in the complaint, promised a "new" Symbol Technologies, one which in the two years prior to the start of the Class Period had "implemented various initiatives intended to materially improve its internal controls and procedures, address the systems and personnel issues raised in the course of the restatement and help ensure a corporate culture that emphasizes integrity, honesty and accurate financial reporting. These initiatives address Symbol's control environment, organization, staffing, policies, procedures, documentation and information systems."
Contrary to these reassurances, Symbol's internal controls and financial systems were inaccurate. During the Class Period, Symbol was required to: revise financial statements for the first three quarters of 2004; revise financial projections for much of fiscal 2005 by understating expenses requiring massive charges against earnings; and acknowledge, finally, that its financial and internal controls were defective and inadequate for the purpose of any meaningful and accurate financial projections when it replaced defendant Greenquist as chief financial officer. In addition, Defendants failed to disclose that demand for the Company's products was materially declining such that its earnings guidance was lacking in a reasonable basis and therefore materially false and misleading.
After the market learned the true information about Symbol, the inflation caused by Defendants' misrepresentations was removed and the price of Symbol common stock fell by nearly 50% from its Class Period high.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Symbol securities on any exchange between May 10, 2004 to August 1, 2005, and sustained damages, you may, no later than October 17, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi, Christopher S. Hinton or Bradley P. Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.