SAN DIEGO, March 28, 2002 (PRIMEZONE) -- Robbins Umeda & Fink, LLP today announced that a shareholder action has been commenced on behalf of stockholders of Electro Scientific Industries, Inc. ("Electro Scientific" or the "Company") (Nasdaq:ESIO) common stock. The complaint charges certain of Electro Scientific's officers and directors with breaches of fiduciary duty owed to the Company in connection with Electro Scientific's restatement of its financial results for the first two quarters of fiscal 2003. This restatement was required because of allegedly improperly accounting for Electro Scientific's expenses and revenue recognition during these quarters. Specifically, the complaint alleges that while defendants were charged with the responsibility of running the Company, Electro Scientific inappropriately recorded sales, improperly calculated the absorption of manufacturing overhead costs into costs of sales and failed to adequately and timely record warranty expenses. The Complaint contends that defendants' mismanagement has resulted in Electro Scientific losing $300 million or approximately half of its market value.
Plaintiff is represented by Robbins Umeda & Fink, LLP, a San Diego based law firm. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Brian J. Robbins of Robbins Umeda & Fink, LLP at 800/350-6003 or via e-mail at robbins@ruflaw.com
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca.