BALA CYNWYD, Pa., April 11, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the District of New Jersey claims that Measurement Specialties, Inc. ("Measurement Specialties" or the "Company") (AMEX:MSS) misled shareholders about its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought Measurement Specialties, Inc. securities between August 1, 2001 and February 14, 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 Measurement Specialties, 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 Measurement Specialties, Inc.'s Registration Statement and Prospectus issued in connection with the Offering misrepresented and omitted material facts concerning the Company's financial results. Furthermore, during the Class Period, and in violation of Generally Accepted Accounting Principles, defendants caused Measurement Specialties to falsely report favorable financial results by, among other things, improperly recognizing revenues and overstating inventories. As a result, Measurement Specialties' stock traded at artificially inflated levels during the Class Period.
If you purchased Measurement Specialties, Inc. securities between August 1, 2001 and February 14, 2002, you may be a member of the class and have until May 19, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) 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