NEW YORK, Sept. 5, 2003 (PRIMEZONE) -- Notice is hereby given that Kirby, McInerney & Squire, LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of California on behalf of a class (the ``Class'') consisting of all persons who purchased securities of SureBeam Corporation (``SureBeam'' or the ``Company'') (Nasdaq:SUREE) between March 16, 2001 and August 20, 2003, inclusive (the ``Class Period'').
A copy of the Complaint is available from the court or from Kirby, McInerney & Squire LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at emui@kmslaw.com, or visit our website at http://www.kmslaw.com.
The Complaint charges SureBeam and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of 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.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than October 27, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the ``PSLRA''), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:
Ira M. Press, Esq. Elaine Mui KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor NEW YORK, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: emui@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca