NEWARK, N.J., May 15, 2002 (PRIMEZONE) -- Shareholders interested in becoming lead plaintiff in the class-action lawsuit against Measurement Specialties, Inc. (AMEX:MSS) have until May 20, 2002 to file a petition with the court, Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The complaint was filed April 10, 2002 in the U.S. District Court for the District of New Jersey. It seeks damages for violations of federal securities laws on behalf of all investors who bought Measurement Specialties common stock from August 1, 2001 through February 14, 2002 or acquired shares in or traceable to the company's August 1, 2001 public stock offering (the Class Period).
Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, visit the firm's Website at www.bermanesq.com.
According to the complaint, the company's financial results were falsely enhanced by, among other things, improperly recognized revenues and overstated inventories.
The truth about the state of the electronics company's finances began to emerge on February 15, 2002, when Measurement Specialties issued a press release before the market opened stating that the company:
a) Would delay filing its financial report for the third fiscal
quarter ended December 31, 2001 because it was in the process of
verifying its earnings and inventory valuation;
b) Expected a significant third quarter 2001 loss;
c) Was in default under its loan agreements;
d) Expected to restate its financial statements for the second fiscal
quarter ended September 30, 2001 and possibly for other periods;
and
e) Had terminated its chief financial officer.
After the announcement, trading of Measurement Specialties stock was abruptly halted. It has not yet resumed. The shares had traded as high as $16 during the Class Period.
If you purchased Measurement Specialties common stock during the period August 1, 2001 through February 14, 2002 or purchased shares in or traceable to the company's August 1, 2001 public stock offering, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Julie A. Richmond, Esq. Michael G. Lange, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
You may also visit the firm's Website at www.bermanesq.com.
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 20, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 34 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca