HARTFORD, Conn., Dec. 2, 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 District of Nevada on behalf of all persons who purchased the publicly traded securities of Mikohn Gaming Corporation d/b/a Progressive Gaming International Corporation ("PGIC") (Nasdaq:PGIC) between February 22, 2005 and October 19, 2005.
The Complaint alleges that PGIC violated federal securities laws by issuing false or misleading financial statements. Specifically, the Complaint alleges that PGIC acted improperly when it belatedly disclosed the expected impact of FASB Statement No. 153, concerning exchanges of non-monetary assets. On October 20, 2005, PGIC announced that due to the implementation of FASB Statement No. 153, it would be reporting a quarterly loss of $.09 a share rather than a gain of $.08-$.10 a share, which it had previously represented. On this news, PGIC shares fell from a close of $13.03 per share on October 19, 2005, to close at $9.28 per share on October 20, 2005.
If you are a member of the class, you may, no later than January 31, 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.