NEW YORK, Sept. 3, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Wechsler Harwood LLP:
Notice is hereby given that a class action lawsuit was filed on behalf of all purchasers of the publicly traded securities of SureBeam Corporation ("SureBeam" or the "Company") (Nasdaq:SUREE) during the period between March 16, 2001 and August 20, 2003, inclusive (the "Class Period").
The case is currently pending in the United States District Court for the Southern District of California, against the Company and certain of its officers and directors alleging violations of the federal securities laws. A copy of the Complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The Complaint charges that defendants disseminated materially false and misleading statements concerning SureBeam's financial performance, caused the Company's stock price to become artificially inflated, inflicting damages on investors. SureBeam provides electronic irradiation systems and services for the food industry. The complaint alleges that during the Class Period defendants caused SureBeam to report in its public filings, press releases and other public statements favorable financial results by, among other things, artificially inflating the Company's revenue and earnings by improper revenue recognition practices. On July 30 and August 12, 2003, SureBeam issued press releases stating that the Company was delaying the release of its second quarter earnings. On August 21, 2003, SureBeam issued a press release stating that Deloitte & Touche, LLP, SureBeam's independent auditor for 2003, had raised issues involving "certain aspects of SureBeam's revenue recognition policies and certain contracts entered into in 2000 and affecting subsequent periods." SureBeam's stock dropped to $1.55 per share as a result of this news.
If you purchased securities during the Class Period, you may, no later than October 27, 2003, move to be appointed as a lead plaintiff in this class action. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood or other counsel of your choice to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 David Leifer, Wechsler Harwood Shareholder Relations Department: dleifer@whesq.com extension 251.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca