BOSTON, Oct. 4, 2004 (PRIMEZONE) -- An investor sued Lattice Semiconductor Corp. ("Lattice" or the "Company") (Nasdaq:LSCC) today, claiming the Company misled the investing public about its finances.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) filed the class action in the U.S. District Court for the District of Oregon. The lawsuit seeks damages for violations of federal securities laws on behalf of all investors who bought Lattice common stock from April 22, 2003 through and including April 19, 2004 (the "Class Period").
To receive a copy of the complaint, you may contact the court, call the firm at (800) 516-9926 or go to http://www.bermanesq.com/pdf/Lattice-Cplt.pdf.
The lawsuit claims that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including U.S. Securities and Exchange Commission ("SEC") Rule 10b-5.
The complaint names as defendants: Lattice; Cyrus Y. Tsui, who was at all relevant times the Company's chairman and chief executive officer; and Stephen A. Skaggs, who was at all relevant times Lattice's chief financial officer and became president in December 2003.
The complaint alleges that, throughout the Class Period, Lattice artificially inflated its stock price by issuing false and misleading financial statements.
On January 22, 2004, after the close of trading, Lattice announced a delay in the release of its fourth quarter and fiscal year 2003 financial results as a result of an overstatement of the Company's Deferred Income Account.
Then, on March 18, 2004, the Company said in a press release that it had not completed its deferred income accounting review, which was being conducted at the direction of the Company's Audit Committee. The Company announced that it would restate its first, second and third quarter 2003 financials and that the restatement would result in a reduction of 2003 year-to-date revenue of approximately $10 to $11 million, a reduction of 2003 year-to-date cost of sales of approximately $1.5 to $2 million and an increase of 2003 year-to-date net loss of approximately $8.5 to $9.5 million.
Lattice issued the restatement on March 24, 2004 and said that the correction had "resulted from inappropriate accounting entries made by an individual in the company's finance department and deficiencies in the design and operation of internal accounting controls." The Company reduced previously reported 2003 revenue by approximately 7% and increased its net loss by $9 million.
As a result of these revelations, the price of Lattice common stock dropped from a high of $12.42 per share on January 20, 2004 to close at $8.50 on April 20, 2004.
If you purchased Lattice common stock from April 22, 2003 through and including April 19, 2004, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Michael T. Matraia, Esq. N. Nancy Ghabai, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
If you wish to apply to be lead plaintiff in this action, a motion on your behalf must be filed with the court no later than November 8, 2004. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online at http://www.bermanesq.com/Securities/Signup1.asp?caseid=528. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member.
Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. The firm consists of 34 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.