NEW YORK, July 30, 2002 (PRIMEZONE) -- A class action complaint captioned CASDEN V. HPL TECHNOLOGIES, INC., DAVID Y. LEPEJIAN AND ITA GEVA, C-02-3510 (VRW) has been filed by the law firm of Abbey Gardy, LLP against HPL Technologies Inc. ("HPL Technologies" or the "Company") (Nasdaq:HPLA) and David Lepejian, HPL's CEO and Chairman and Ita Geva, HPL's Chief Financial Officer in the United States District Court for the Northern District of California, San Jose Division, on behalf of all persons or entities who purchased HPL Technologies securities during the period from July 31, 2001, the day HPL commenced trading on the Nasdaq to July 19, 2002, inclusive, the day HPL announced that it had initiated an investigation into financial and accounting irregularities (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of HPL common stock
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired HPL Technologies securities during the Class Period. If you purchased or otherwise acquired HPL securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased HPL securities during the Class Period, you may, no later than 60 days from July 23,2002, request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The law sets forth specific criteria that a lead plaintiff must meet in order to adequately represent the interests of the class. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Mark Gardy, Esq. of Abbey Gardy, LLP at (800) 889-3701 or (212) 889-3700 or e-mail nkaboolian@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.