DALLAS, Jan. 26, 2006 (PRIMEZONE) -- There are only 5 more days until the January 31, 2006 deadline to file for appointment of Lead Plaintiff in the pending class action lawsuit against Mikohn Gaming Corporation d/b/a Progressive Gaming International Corporation (Nasdaq:PGIC) ("PGIC" or the "Company"). If you purchased the securities of PGIC between February 22, 2005 and October 19, 2005, inclusive (the "Class Period"), you may contact Baron & Budd, P.C. to discuss your legal options.
On November 28, 2005, the first complaint was filed against PGIC alleging violations of Federal securities laws. This suit arose from the Company's October 20, 2005 press release announcing that because it failed to properly account for two non-monetary transactions in accordance with the Financial Accounting Standards Board's Accounting Standard ("SFAS") 153, the Company expected to report a loss of $.09 a share rather than a gain of $.08-$.10, as Defendants had previously represented. According to Defendants, the accounting treatment had to be changed after the national office of the Company's auditor, BDO Seidman, informed the Company that it had to comply with SFAS 153 and could not recognize the revenues in the third quarter from these two transactions.
On this revelation, PGIC shares tumbled $3.75, or nearly 30 percent, to $9.28 on unusually heavy trading volume.
If you are a member of this class and would like to take action in this suit, you may contact Baron & Budd, P.C. at the phone number below. You may also visit Baron & Budd online (http://www.securitiesactions.com). Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 80 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia and lymphoma caused by benzene; and injuries caused by other toxic substances and pharmaceuticals. The firm also represents water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers. For more information about Baron & Budd, call 1-800-222-2766 or visit http://www.baronandbudd.com. For more information about Baron & Budd's securities litigation practice, please visit www.securitiesactions.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.