LOS ANGELES, Oct. 10, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- representing shareholders of SureBeam Corporation -- announces 17 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of SureBeam Corporation ("SureBeam" or the "Company") (Nasdaq: SUREE) between March 16, 2001 and August 20, 2003, inclusive (the "Class Period"), may move the Court not later than October 27, 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 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.
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