BALA CYNWYD, Pa., Oc. 28, 2002 (PRIMEZONE) -- A shareholder sued ESS Technology Inc. ("ESS Technology") (Nasdaq:ESST) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Northern District of California (C-02-4695) and seeks damages for violations of federal securities laws on behalf of all investors who bought ESS Technology Inc. securities between January. 23, 2002 and September 12, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of ESS Technology Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that ESS Technology Inc. disseminated false and misleading statements concerning the Company's operations and its prospects for 2002. Taking advantage of the inflation in ESS stock, certain of ESS's officers sold $1.8 million worth of their own ESS stock at artificially inflated prices of as much as $25.78 per share, while the Company itself sold $45.5 million worth of its own stock.
If you purchased ESS Technology Inc. securities between January 23, 2002 and September 12, 2002, you may be a member of the class and have until November 12, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca