Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against Symbol Technologies, Inc. -- SBL


NEW YORK, Sept. 9, 2005 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Eastern District of New York on behalf of all purchasers of Symbol Technologies, Inc. ("Symbol" or the "Company") (NYSE:SBL) securities between May 10, 2004 and August 1, 2005, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com

The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading statements concerning Symbol's financial results and business prospects. Specifically, the complaint alleges that Symbol failed to disclose that: (a) the Company was materially overstating its financial results by engaging in improper accounting practices; (b) the Company lacked adequate internal and financial controls and was therefore unable to ascertain the Company's true financial condition; and (c) as a result, defendants' opinions and statements concerning the Company's current and future earnings lacked a reasonable basis at all times. Consequently, the price of the Company's common stock was artificially inflated throughout the Class Period. On November 8, 2004, however, Symbol announced that it would delay filing its quarterly report for the third quarter of 2004 with the SEC after an internal investigation revealed that the Company had improperly recognized revenue in the first and/or second quarters of 2004. Subsequently, the Company's announced the resignation of Bill Nuti, the Company's president and chief executive officer, as well as disappointing financial results for the second quarter of 2005.

Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired Symbol securities between May 10, 2004 and August 1, 2005, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.

If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com

If you purchased Symbol securities during the Class Period, you may, not later than October 17, 2005, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact Faruqi & Faruqi, LLP.



            

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