NEW YORK, April 14, 2006 (PRIMEZONE) -- The Rosen Law Firm (http://www.rosenlegal.com) today announced that it has commenced an investigation into allegations that Pixelplus Co., Ltd. ("Pixelplus" or the "Company") (Nasdaq:PXPL) violated the federal securities laws by overstating its revenue as reported in its filings with the SEC for each reporting period for 2005.
On April 11, 2006 the Company shocked the market when it announced, among other things, that the Company's revenues would be reduced by approximately $3.6 million and $2.5 million, for the fourth quarter of 2005 and fiscal year 2005, respectively. Following these adverse disclosures, the Company's stock price dropped over 38%.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit against the Company and its management on behalf of all investors who purchased Pixelplus' shares during the period from December 21, 2005 through April 11, 2006, including purchasers in the initial public offering.
If you purchased shares of Pixelplus at anytime during the period from December 21, 2005 through April 11, 2006 or purchased shares in the Pixelplus IPO and would like further information concerning your legal rights, please call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at (866) 767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
The Rosen Law Firm (http://www.rosenlegal.com) has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.