MILWAUKEE, Wis., Feb. 11, 2005 (PRIMEZONE) -- Ademi & O'Reilly, LLP (http://www.ademilaw.com/cases/SierraWireless.php) 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. (Nasdaq:SWIR) (TSE:SW) (``Sierra'' or the ``Company'') 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'').
If you wish to serve as lead plaintiff, you must move the Court by April 4, 2004. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Guri Ademi toll-free at 866-264-3995, or via e-mail at gademi@ademilaw.com. You can view a copy of the complaint or join this class action online at http://www.ademilaw.com/cases/SierraWireless.php. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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.
Plaintiff seeks to recover damages on behalf of all purchasers of Direct General publicly traded securities during the Class Period. The plaintiff is represented by Ademi & O'Reilly, LLP, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca