BALA CYNWYD, Pa., July 23, 2002 (PRIMEZONE) -- Law offices of Brodsky & Smith, L.L.C. today announced an investigation of potential claims on behalf of purchasers of HPL Technologies (Nasdaq:HPLA) securities between July 31, 2001 (the date of the initial public offering - IPO) and July 19, 2002, inclusive (the Class Period).
On July 19, 2002, HPL announced that it uncovered a massive accounting fraud involving "fictitious transactions" and "falsified documents" that were apparently orchestrated by its founder and former chief executive officer, David Lepejian. HPL said much of what was reported as "cash" on its balance sheet "is not now, and may never have been in the company's possession." According to HPL, Mr. Lepejian's whereabouts are presently unknown. HPL announced that it expects to restate its results for the fiscal year ended March 31, 2002, and possibly the prior year as well. Trading in HPL stock was suspended by the Nasdaq on July 19, 2002.
If you were a purchaser of this stock during the period indicated and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, L.L.C. who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, L.L.C., 11 Bala Avenue, Bala Cynwyd, PA 19004, by e-mail at esmith@Brodsky-Smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca