CINCINNATI, Oct. 25, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman Harris & Eyrich, LLC announces that a class action has been filed on behalf of purchasers of DynaVox, Inc. ("DynaVox" or the "Company") (Nasdaq:DVOX) stock issued pursuant to the registration statement and prospectus filed with the U.S. Securities and Exchange Commission in connection with the Company's April 21, 2010 initial public offering (the "IPO").
The complaint was filed in the United States District Court for the Western District of Pennsylvania against DynaVox and certain of its officers and directors for violations of federal securities laws. DynaVox designs, manufactures, and distributes electronic and symbol-based augmentative communication equipment, software and services, and offers speech-generating technology and special education software solutions for individuals with speech, language, physical, or learning disabilities. The complaint alleges that the defendants failed to disclose that the Company was experiencing a softening of demand for its speech-generating devices and software products, which caused the Company's financial results to trend adversely compared to the trends included in the IPO registration statement and prospectus.
On September 30, 2010, DynaVox issued a press release disclosing these adverse facts, stating that during the Company's first quarter of fiscal year 2011, "the Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Company's long-term future operating potential."
The next day, as a result of this news, shares of DynaVox declined $2.68 per share, or 33%, to close on October 1, 2010, at $5.44 per share, on unusually heavy volume.
If you purchased DynaVox common stock in connection with the Company's IPO, you may, no later than December 13, 2010, request that the Court appoint you as lead plaintiff. If you wish to discuss this action or have any questions, please contact attorney Melinda Nenning by telephone (513) 345-8181, Ext. 3095 or by email at mnenning@statmanharris.com. All e-mail correspondence should make reference to the DynaVox Securities Litigation.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com