ATLANTA, Feb. 12, 2003 (PRIMEZONE) -- Chitwood & Harley LLP announces that a class action lawsuit is pending in the United States District Court for the Middle District of Florida on behalf of persons who purchased Sawtek, Inc. ("SAWS") securities, currently a subsidiary of TriQuint Semiconductor, Inc. (Nasdaq:TQNT), on the open market from January 27, 2000 through May 24, 2001 (the "Class Period").
Chitwood & Harley LLP is currently investigating these claims. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. If you wish to serve as lead plaintiff in this action, you must move the Court for appointment no later than April 11, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. For more information on this class action, you can click on Sawtek on our website, www.classlaw.com.
The Complaint charges Sawtek and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning Sawtek's business operations and financial performance caused Sawtek's stock price to become artificially inflated, inflicting damages on investors. Sawtek designs, develops, manufactures and markets a broad range of electronic signal processing components, based on "surface acoustic wave" or SAW technology, primarily for use in the wireless communications industry. The complaint alleges that, during the Class Period, defendants misrepresented Sawtek's financial performance by improper "channel stuffing" -- inflating revenue by shipping more products than distributors could sell -- and by disseminating false and misleading statements concerning the Company's revenue and business prospects despite a widespread downturn in the wireless and telecommunications markets.
Sawtek's financial performance was revealed on May 23, 2001, when defendants acknowledged that the Company's projected results for the quarter ending June 30, 2001 would fall well below the Company's previously issued revenue guidance. By the close of trading on the next day, May 24, 2001, Sawtek's stock price had plunged more than seventeen percent (17%) from the previous day's close as a result of this news.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley would be happy to discuss with you. Chitwood & Harley is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in obtaining significant recoveries on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in last year's highest settlement in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented." For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.