BENSALEM, Pa., May 27, 2005 (PRIMEZONE) -- Smith & Smith LLP announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased securities of Cray, Inc. ("Cray" or the "Company'') (Nasdaq:CRAYE), between July 31, 2003 and May 12, 2005, inclusive (the "Class Period''). The class action lawsuit was filed in the United States District Court for the Western District of Washington.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's operations and prospects, thereby artificially inflating the price of Cray securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Cray securities between July 31, 2003 and May 12, 2005, you have certain rights, and have until July 25, 2005, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard Smith, Esquire, of Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866)759-2275, or by email to howardsmithlaw@hotmail.com.