MILWAUKEE, Sept. 12, 2005 (PRIMEZONE) -- Ademi & O'Reilly, LLP (http://www.ademilaw.com/cases/Symbol.php) announced that it filed a class action lawsuit on August 16, 2005 in the United States District Court for the Eastern District of New York on behalf of purchasers of Symbol Technologies, Inc. ("Symbol") (NYSE:SBL) securities during the period between May 10, 2004 and August 1, 2005 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Guri Ademi at (866) 264-3995 or via e-mail at gademi@ademilaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.ademilaw.com/cases/Symbol.pdf. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Symbol and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Symbol engages in the design, development, manufacture, and service of products and systems used in enterprise mobility solutions.
The complaint alleges that, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. As alleged in the Complaint, these statements were materially false and misleading because defendants failed to disclose and/or misrepresented the following adverse facts, which were known, or recklessly disregarded by them, at all relevant times: (a) that Symbol had inadequate and deficient internal and financial controls; (b) that Symbol's reported expenses were understated; (c) that Symbol had massive overcapacity, inefficient operations, and obsolete assets; (d) that Symbol was experiencing declining demand for its products; and (e) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.
As the market learned the true information about Symbol, the inflation caused by Defendants' misrepresentations was removed and the price of Symbol common stock fell by nearly 50% from its Class Period high. Plaintiff seeks to recover damages on behalf of all purchasers of Symbol securities during the Class Period. The plaintiff is represented by Ademi & O'Reilly, LLP, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.