BENSALEM, Pa. , March 3, 2005 (PRIMEZONE) -- Smith & Smith LLP is investigating a potential securities class action on behalf of shareholders who acquired securities of Orange 21, Inc. ("Orange 21" or the "Company")(Nasdaq:ORNG) in connection with or subsequent to the Company's December 2004 Initial Public Offering.
Orange 21, Inc. (formerly Spy Optic, Inc.) designs, develops and markets premium products for the action sports and youth lifestyle markets. The Company's principal products are sunglasses and goggles marketed under the Spy Optic brand. On February 17, 2005, the Company issued disappointing earnings guidance for 2005, causing Orange 21 shares to plummet the next day from $9.50 per share, to close on February 18, 2005, at $6.60 per share - a drop of more than 30% from the previous day's close.
If you purchased or acquired shares of Orange 21 during the period described above and wish to discuss your legal rights, or if you are interested in helping us with our investigation, you may call or email (please include your contact information) Smith & Smith LLP who will, without obligation or cost to you, answer your questions. Smith & Smith LLP has extensive experience in litigation. You may contact Howard Smith, Esquire, at 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by e-mail at HowardSmithLaw@hotmail.com or by calling Toll-Free at (866) 759-2275.