NEW YORK, Aug. 10, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP would like to inform all 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"), that August 15, 2005 is the last day to move for lead plaintiff appointment.
The Complaint charges PEMSTAR and certain of the Company's executive officers with violations of federal securities laws. PEMSTAR Inc. provides a range of global engineering, product design, automation and test, manufacturing and fulfillment services and solutions to its customers in the communications, computing and data storage, industrial equipment and medical industries. The Complaint alleges that, in order to make the Company more competitive, defendants sought to and did manipulate PEMSTAR's financials to inflate the Company's share price and bolster the Company's opportunities to generate sales from clients who might otherwise lack confidence in the Company. To compete, PEMSTAR claimed it had superior engineering capabilities, product quality, and flexibility and timeliness in responding to design and schedule changes. The Complaint alleges defendants knew but concealed from the public material adverse facts, including that: (a) the Company, internally, needed margins of at least 9% in order to achieve profitability but was years away -- if ever -- from achieving profitability or even breaking even; (b) the Company's financial results were false and misleading; (c) the Company had understated its liabilities associated with its Mexican facilities; (d) the Company's accounts receivables were overstated as this asset was materially impaired; and (e) as a result, certain of defendants' projections for the Company's financial results were materially false and misleading.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired PEMSTAR securities on any 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. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Bradley P. Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca