BATON ROUGE, La., March 18, 2002 (PRIMEZONE) -- LeBlanc & Waddell LLC announces a class action lawsuit, on behalf of investors, against Symbol Technologies, Inc. (NYSE:SBL) for securities fraud, claiming that the company artificially inflated its stock price.
The complaint was filed in the U.S. District Court for the Eastern District of New York on March 14, 2002 and seeks damages for violations of federal securities laws on behalf of all investors who bought Symbol stock from October 20, 2000 through February 12, 2002 (the Class Period).
The complaint charges Symbol and three top officers with engaging in improper accounting practices to keep the company's financial results in line with analysts' expectations. Symbol, based in Holtzville, N.Y., develops and markets mobile and wireless computer devices.
Specifically, the defendants are accused of improperly booking a $10 million royalty payment in the third quarter of 2000 and of improperly recording more than $40 million in revenue in the first quarter of 2001.
When news of the suspicious accounting practices first emerged in a February 13, 2002 newspaper article, the price of Symbol stock quickly dropped 17%, or $2.50 a share, to $11.70 a share. The following day, February 14, 2002, the company announced the abrupt retirement of chief executive officer and revealed poor quarterly and annual results. The company's stock price again fell sharply on the new reports, closing at $8.40 per share on February 15, 2002.
If you purchased Symbol common stock during the period October 20, 2000 through February 12, 2002, you may wish to contact the following attorneys at LeBlanc & Waddell LLC to discuss your rights and interests:
Roger LeBlanc, Esq. Chad A. Dudley, Esq. LeBlanc & Waddell, LLC 5353 Essen Lane, Suite 420 Baton Rouge LA 70809 rogerleblanc@lw-law.net (800) 988-3514
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than May 6, 2002. You may contact the attorneys at LeBlanc & Waddell LLC to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
With offices in Baton Rouge, New Orleans, Shreveport and Monroe, Louisiana, LeBlanc & Waddell, LLC represents investors in securities class action lawsuits and has experience in prosecuting class actions. The firm prides itself on its responsiveness to shareholders and their needs in each case.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca