HARTFORD, Conn., Dec. 16, 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 Eastern District of Ohio on behalf of all persons who purchased the common stock of Diebold, Inc. (NYSE:DBD) ("Diebold") between October 22, 2003 and September 20, 2005 (the "Class Period").
Schatz & Nobel, P.C. also has substantial experience representing employees who have suffered losses investing in their employer's stock through a company sponsored 401(k) plan. If you bought Diebold stock through the Diebold, Incorporated 401k Savings Plan and have information or would like to learn more about your rights as a plan participant, please contact us.
The Complaint alleges that Diebold violated federal securities laws by making false representations concerning its financial condition and prospects. Specifically, the Complaint alleges that Diebold under-accrued its commission expenses and lacked proper internal financial controls. On September 21, 2005 Diebold announced that its results for the third quarter and fiscal year 2005 would not meet its previously issued financial guidance. On this news, the price of Diebold stock fell from a close of $44.13 per share on September 20, 2005, to close at $37.27 per share on September 21, 2005.
If you are a member of the class, you may, no later than February 13, 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.