NEW YORK, March 11, 2005 (PRIMEZONE) -- Notice is hereby given that a securities lawsuit was filed in the United States District Court for the Southern District of Texas on behalf of purchasers of the securities of Input/Output Inc. ("IO" or the "Company") (NYSE:IO).
The complaint alleges that defendants issued materially false and misleading statements regarding the Company's financial results and its business and prospects. According to the complaint, defendants failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (a) that the Company's products were defective; (b) that customers were wrongfully induced into buying the Company's products; (c) that the integration of GX Technology ("GXT"), acquired by the Company in May 2004, and Input/Output was suffering from massive problems, preventing the acquisition from being as accretive as claimed; (d) that the GXT project pipeline was not on track, as defendants had claimed; and (e) that as a result of the above, the defendants' statements about the Company were lacking in any reasonable basis when made.
Plaintiff seeks to recover damages. Plaintiff is represented by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class and derivative actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.