NEW YORK, June 21, 2005 (PRIMEZONE) -- On June 16, 2005, law firms including Murray, Frank & Sailer LLP, Glancy Binkow & Goldberg LLP, and Reinhardt Wendorf & Blanchfield LLP filed the first, and to their knowledge only, class action lawsuit in the United States District Court for the District of Minnesota on behalf of shareholders who purchased or otherwise acquired the securities of PEMSTAR, Inc. ("PEMSTAR" or the "Company") (Nasdaq:PMTR) between January 29, 2003 and January 24, 2005, inclusive (the "Class Period").
The complaint, a copy of which can be downloaded at http://www.murrayfrank.com/CM/NewCases/NewCases272.asp, alleges that during the Class Period defendants issued numerous positive statements that misrepresented the true financial status of the Company and its business prospects, and issued false and misleading financial reports that understated the Company's liabilities associated with its Mexican facilities, and overstated the Company's accounts receivables which had become materially impaired.
The detailed complaint is the result of an extensive, and independent, investigation conducted among the firms that filed the initial action. Subsequent to the issuance of the public notice by Murray Frank & Sailer LLP, a number of notices "announcing" that a class action was filed concerning PEMSTAR were issued by other law firms. To the knowledge of Murray, Frank & Sailer LLP, no other complaints have been filed in this matter and none of the notices issued by the other law firms in any way represent that those firms have conducted an independent investigation into this action, have filed a complaint in this matter, or represent plaintiffs in this litigation. Because attorneys at Murray, Frank & Sailer LLP, Glancy Binkow & Goldberg LLP, and Reinhardt Wendorf & Blanchfield LLP have conducted a thorough investigation, they are in a superior position to answer questions about the claims alleged in the Complaint and can be contacted to discuss this case through the telephone number or e-mail address indicated below.
If you purchased or otherwise acquired PEMSTAR securities on any world exchange between January 29, 2003 and January 24, 2005, and sustained damages, you may, no later than August 15, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. Alternatively, you can file an individual lawsuit or do nothing and remain an absent Class Member. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Christopher Hinton of Murray, Frank & Sailer LLP by e-email at info@murrayfrank.com or by telephone at (800) 497-8076.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.