BOSTON, Feb. 28, 2002 (PRIMEZONE) -- The law firm of Adkins, Kelston & Zavez, P.C. announced today that shareholders of Symbol Technologies, Inc. (NYSE:SBL), a New York-based company best known as a producer of bar code scanners, may have claims against the company for violation of federal securities laws. According to a 13 February 2002 Newsday article citing sources close to the company, Symbol engaged in three questionable transactions which had the effect of increasing its reported revenues and profits: (1) taking a $10 million royalty payment from a dot com partner company in the third quarter of 2000, (2) using expenses associated with the acquisition of Telxon Corporation to mask declining sales and (3) recording $40 million in inventory as having been shipped in the first quarter of 2001 and then reversing the transaction in the second quarter of 2001.
If you (a) have information about Symbol that you believe would be helpful to the attorneys investigating this case or (b) purchased Symbol shares from 20 October 2000 to 12 February 2002, lost money on your investment and are interested in learning about your legal rights, you may contact Attorney John Peter Zavez. Without any cost or obligation to you, he will take your information and/or answer your questions.
The law firm of Adkins, Kelston & Zavez, P.C. is located at 90 Canal Street, Boston, MA 02114 and can be reached at 617-367-1040 (phone), 617-742-8280 (fax) or Jzavez@AKZLaw.com (email).
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.