LOS ANGELES, April 25, 2003 (PRIMEZONE) -- Glancy & Binkow LLP, representing shareholders of Solectron Corporation, announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Solectron Corporation ("Solectron" or the "Company") (NYSE:SLR) between September 17, 2001 and September 26, 2002, inclusive (the "Class Period"), may move the Court not later than May 5, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Solectron and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and misleading statements concerning Solectron's business operations and financial performance caused Solectron's stock price to become artificially inflated, inflicting damages on investors. Solectron provides product development, manufacturing and post-production services to electronics and technology-market original equipment manufacturers (OEMs) around the world. The complaint alleges that defendants issued a series of materially false and misleading statements regarding the Company's financial performance that failed to disclose and/or misrepresented, among others things, that the Company was carrying tens of millions of dollars of obsolete and unsaleable inventory that should have been written down. As a result, Solectron's reported financial results were artificially inflated during the Class Period, and were not prepared in accordance with Generally Accepted Accounting Principles. On September 26, 2002, after the market closed, Solectron issued a press release announcing that the Company was booking a pre-tax charge of $97 million to reserve for inventory revaluation and write-off, causing shares of Solectron common stock to drop to $2.16, from a Class Period high of $16.25.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.