NEW YORK, March 12, 2004 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Western District of North Carolina on behalf of purchasers of the securities of SPX Corporation ("SPX" or the "Company") (NYSE:SPW) between July 28, 2003 and February 26, 2004, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at: www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning SPX's projections of fiscal year 2003 earnings per share. Specifically, the complaint alleges that SPX failed to disclose that these results were only made possible through a last-minute one-time gain resulting from a legal settlement, and were not reflective of the deteriorating underlying business of the Company. As a result, the price of the Company's common stock were artificially inflated throughout the Class Period, allowing Defendant and CEO John B. Blystone to sell over $41 million in personally held SPX stock. On February 27, 2004, however, following the release of the Company's 2003 Form 10-K detailing SPX's one-time gain and true financial condition, SPX's stock plummeted 21% on unusually high trading volume.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired SPX securities between July 28, 2003 and February 26, 2004, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased SPX securities during the Class Period, you may, not later than May 4, 2004 move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com