NEW YORK, Aug. 31, 2005 (PRIMEZONE) -- The Pomerantz law firm (www.pomerantzlaw.com) is filing a class action lawsuit against Symbol Technologies, Inc. ("Symbol Technologies" or the "Company") (NYSE:SBL) and two of the Company's senior officers, on behalf of all persons or entities who purchased the securities of Symbol Technologies during the period between May 10, 2004 and July 14, 2005, inclusive (the "class period"). The case is being filed in the United States District Court, Eastern District of New York.
The complaint alleges that Symbol Technologies and the Company's President, Chief Executive Officer and Director, William R. Nuti, and Mark T. Greenquist, the Company's Chief Financial Officer, violated the federal securities laws arising out of defendants' dissemination of false and misleading statements concerning the Company's results and operations. Symbol Technologies, a corporation headquartered in Holtsville, New York and organized under the laws of Delaware, is a recognized worldwide leader in enterprise mobility, delivering products and solutions that capture, move and manage information in real time to and from the point of business activity. Symbol enterprise mobility solutions integrate advanced data capture products, radio frequency identification technology, mobile computing platforms, wireless infrastructure, mobility software and world-class services programs under the Symbol Enterprise Mobility Services brand.
According to the complaint, the true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were that (i) the Company's reported financial results and revenue projections during the class period were materially false and misleading and lacked a reasonable bases when made; (ii) Symbol Technologies had inadequate and deficient internal and financial controls which caused the financial statements to be unreliable; (iii) the Company had massive overcapacity, inefficient operations and obsolete assets which were not properly accounted for; (iv) Symbol Technologies was experiencing declining demand for its products; (v) the Company's reported expenses were understated and its reported revenues were overstated; and (vi) the financial statements did not fairly present in all material respects the financial condition, results of operations and cash flows, as sworn to by defendants in their quarterly and year end filings with the SEC. These alleged false statements caused the Company's stock to trade at artificially inflated levels during the Class Period. As the market learned the true information about Symbol Technologies, the inflation caused by defendants' misrepresentations was removed and the price of Symbol common stock fell by nearly 50% from its Class Period high.
If you purchased the securities of Symbol Technologies, Inc. during the Class Period, you have until October 17, 2005 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa Webb (tlwebb@pomlaw.com) or Carolyn Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4.Pomlaw), toll free. Those who inquire by email are encouraged to include their mailing address and phone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.