DALLAS, March 30, 2005 (PRIMEZONE) -- The law firm of Baron & Budd, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Applied Signal Technology, Inc. (Nasdaq:APSG) ("Applied Signal" or the "Company") securities during the period between May 25, 2004 and February 22, 2005, inclusive (the "Class Period").
The complaint alleges that the Company, its CEO and CFO, violated federal securities laws through statements regarding the Company's performance and financial results. These statements were materially false and misleading because the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (a) that the Company lacked the staffing necessary to execute on current projects while bidding for new business; (b) that the Company struggled to maintain adequate levels of backlog; and (c) that as a result of the foregoing, the defendants' positive statements about managing the Company's workflow and growth while maintaining profitability were lacking material basis when made.
On February 22, 2005, Applied Signal announced that its operating results for the first quarter of fiscal year 2005 were below expectations.
As a result, the Company's shares reacted negatively to this news and fell to $23.24, down 15.55% from a previous closing price at $27.52.
If you acquired the securities of Applied Signal Technology, Inc. during the Class Period and meet certain legal requirements, you may, no later than May 10, 2005, move for appointment of lead plaintiff on behalf of the proposed class.
If you are a member of this class and would like to take action in this suit, please visit Baron & Budd online at www.securitiesactions.com. Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 70 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions. For more information on the firm, call 1-800-222-2766 or visit www.baronandbudd.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.