BALA CYNWYD, Pa., April 23, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Electro Scientific Industries, Inc.("Electro Scientific" or the "Company") (Nasdaq:ESIO) between September 17, 2002 and March 30, 2003, inclusive (the "Class Period").
The case is pending in the United States District Court for the District of Oregon against the company and several of its officer and directors. The complaint charges defendants with violations of the Securities and Exchange Act of 1934, alleging, inter alia, that the defendants issued materially false and misleading statements regarding the Company's financial results in 2002 and that the Company was improperly accounting for sales in violation of Generally Accepted Accounting Principles ("GAAP"), as well as its own revenue recognition policies.
On March 20, 2003, after the close of the market, the Company issued a press release that it would be restating its financial statements for the first and second fiscal quarters. In response, the price of the Company's common stock dropped from $15.17 per share to $12.51 per share.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between September 17, 2002 and March 30, 2003 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca