NEW YORK, July 30, 2004 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud lawsuit against Synovis Life Technologies, Inc. ("Synovis") (Nasdaq:SYNO) and certain of its officers and directors, on behalf of all persons who purchased Synovis securities on the open market from October 16, 2003 through May 18, 2004. The action was filed in the United States District Court for the District of Minnesota. The complaint can be viewed on Wolf Popper's website or obtained from the Court.
The complaint alleges that during the Class Period, defendants concealed the following materially adverse facts: (1) that the Company's surgical business was not on track for year-to-year growth and was actually declining; (2) that the performance of the Company's surgical business lagged because of disappointing sales of its Peri-Strips product; (3) that the performance of the Company's interventional business had little to zero growth prospects and was suffering because Synovis' largest customers were not placing orders due to inventory build-up; and (4) that as a result, the Company's projections of fiscal 2004 EPS of $0.56-$0.60 and revenue of $75-$79 million had no reasonable basis and were false and misleading.
Defendants' misrepresentations were revealed on May 19, 2004, when Synovis issued a press release reporting its revenue and earnings for fiscal 2004 which were drastically below its previously touted 2004 guidance.
As a result of the news, shares of Synovis plummeted in trading on May 19, 2004, closing at $9.25 per share on trading volume of 2,121,700 shares, compared to a closing price of $14.65 on volume of 79,000 shares just the previous day.
Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders.
Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than August 17, 2004. Class members who are interested in serving as a lead plaintiff in this action, or other persons who have questions or information regarding the prosecution of this action, are urged to call or write:
Wolf Popper LLP Michael A. Schwartz, Esq. 845 Third Avenue New York NY 10022 Tel.: 212.451.9668 Toll Free: 877.370.7703 Fax: 212.486.2093 Toll Free Fax: 877.370.7704 Email: irrep@wolfpopper.com website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca