BALA CYNWYD, Pa., Oct. 10, 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 Northern District of California (C-02-4695) claims that ESS Technology, Inc. ("ESS Technology") (Nasdaq:ESST) 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 ESS Technology, Inc. securities between Jan. 23, 2002 and Sept. 12, 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 ESS Technology, 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 ESS Technology, Inc. disseminated false and misleading statements concerning the Company's operations and its prospects for 2002. Taking advantage of the inflation in ESS stock, certain of ESS's officers sold $1.8 million worth of their own ESS stock at artificially inflated prices of as much as $25.78 per share, while the Company itself sold $45.5 million worth of its own stock.
If you purchased ESS Technology, Inc. securities between January 23, 2002 and September 12, 2002, you may be a member of the class and have until November 12, 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