LOS ANGELES, Aug. 2, 2002 (PRIMEZONE) -- Stull, Stull & Brody announced that it has filed a class action complaint on behalf of all persons who acquired HPL Technologies, Inc. (Nasdaq:HPLAE) securities between October 2, 2001 and July 19, 2002, inclusive (the "Class Period"). The complaint charges that HPL Technologies ("HPL" or the "Company") and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
HPL designs yield optimization software for companies involved in the design, fabrication, and testing of semiconductors. Plaintiff's complaint alleges that HPL and certain of its officers and directors violated the federal securities laws by filing false financial revenues with the SEC during the Class Period. Plaintiff further alleges defendants reiterated the Company's artificially inflated revenues in a series of false and misleading statements throughout the Class Period.
As a result of these alleged financial irregularities, the Company initiated an investigation into its financial reporting and removed defendant David Lepejian from his position as CEO and Ita Geva from his position as CFO.
The complaint alleges that as a result of the defendants' conduct, plaintiff and other members of the Class suffered damages.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody who has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders. If you are a member of the class described above, you may, no later than September 21, 2002, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action, or have any questions concerning this notice, or your rights or interests with respect to this matter, please contact plaintiff's counsel listed below or visit our website at www.secfraud.com.