NEW YORK, Feb. 8, 2005 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit on February 7, 2005 in the United States District Court, Southern District of New York, against Sierra Wireless, Inc. ("Sierra" or the "Company") (Nasdaq:SWIR) and certain of its officers and directors, on behalf of purchasers of the common stock of Sierra during the period from January 28, 2004 to January 26, 2005, inclusive (the "Class Period").
Sierra describes itself as "a leader in delivering highly differentiated wireless solutions that enable our customers to improve their productivity and lifestyle."
The complaint alleges that, throughout the Class Period, defendants knowingly or recklessly misrepresented the Company's prospects, financial results and operations, causing the Company's stock price to trade at artificially inflated prices in violation of the Securities Exchange Act of 1934.
The true facts, which were known to each of the defendants but concealed from the investing public, were that (i) introduction of Sierra's Voq-branded professional phones, which would comprise only 2% of Sierra's revenues, was likely to dramatically decrease PalmOne's purchases of Sierra's embedded modules, which accounted for approximately 33% of Sierra's business; (ii) due, in large part, to its out-dated technology, Sierra was facing increasing competition in the PC Card market, resulting in the discontinuation of purchases by Sierra's largest customer, Verizon Wireless; and (iii) many of Sierra's major customers had excess inventory of Sierra's products.
If you purchased the securities of Sierra during the Class Period, you have until April 4, 2005 to ask the Court to appoint you as lead plaintiff for the Class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) or Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.