HARTFORD, Conn., Oct. 24, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased the publicly traded securities of Pixar (Nasdaq:PIXR) between January 18, 2005 and June 30, 2005 (the "Class Period").
The Complaint alleges that Pixar violated federal securities laws by making false or misleading public statements. Specifically, the Complaint alleges that Pixar made improper projections concerning the expected sales of "The Incredibles" videos given recent trends in the home video market. On June 30, 2005, Pixar lowered its 2Q05 earnings guidance to $0.10 per diluted share from $0.15, as a result of disappointing sales of "The Incredibles" home video units and an increase in Pixar's reserves for video returns. On this news, Pixar stock fell from a close of $50.05 per share on June 30, 2005, to close at $43.06 per share on July 1, 2005. On August 26, 2005, Pixar announced that the SEC had commenced an investigation in connection with Pixar's reported sales of "The Incredibles" videos.
If you are a member of the class, you may, no later than December 20, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.