NEW YORK, March 28, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California, case number C-03-1331-JJ, on behalf of all persons or entities who purchased Solectron Corporation ("Solectron" or the "Company") securities (NYSE:SLR) during the period from September 17, 2001 through September 26, 2002, both dates inclusive (the "Class Period"). The Complaint names Solectron, Koichi Nishimura and Kiran Patel as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and rule 10b-5 promulgated thereunder by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. In particular, it alleged that during the Class Period tens of millions of dollars of the Company's inventory was obsolete and unsaleable and should have been written down. As a result, Solectron's reported financial results were artificially inflated during the Class Period and not prepared in accordance with Generally Accepted Accounting Principles. The Complaint alleges that as a result of these false and misleading statements the price of Solectron securities were artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased Solectron securities during the Class Period described above, you may, no later than May 5, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca