NEW YORK, July 17, 2006 (PRIMEZONE) -- The Brualdi Law Firm announces that it has filed a class action lawsuit on behalf of shareholders of ADE Corporation ("ADE" or the "Company") (Nasdaq:ADEX) between February 22, 2006 and June 27, 2006 (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act") and Massachusetts statutory and common law. A copy of the complaint filed in this action is available from the court, or from The Brualdi Law Firm (212) 952-0602.
The action is pending in the United States District Court for the District of Massachusetts against the Company, its directors (Harris Clay, Landon T. Clay, H. Kimball Faulkner, Chris L. Koliopoulos, and Kendall Wright), KLA-Tencor Corporation ("KLA") (Nasdaq:KLAC), and South Acquisition Corporation ("South"), a subsidiary of KLA (collectively "Defendants").
The action alleges that the definitive proxy statement defendants mailed to ADE's shareholders in conjunction with the sale of ADE to South (the "Proposed Sale") contains inaccurate statements of material fact and omits to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, in violation of Section 14(a) of the Securities Exchange Act of 1934, 15 U.S.C. section 78n, and Rule 14 (a)(9) promulgated thereunder, Mass. L. ch. 110A section 404, Mass. L. ch. 110C section 7, section 9, and the Massachusetts common law. The action also alleges, inter alia, that ADE's Directors violated their fiduciary duties of care and loyalty owed to ADE's public shareholders under Massachusetts common law in voting to approve the Proposed Sale at an inadequate price and with inadequate protection for ADE's shareholders.
If you were a holder of ADEX stock during the Class Period, and sustained damages, you may, no later than September 15, 2006, move the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain The Brualdi Law Firm, or other counsel of your choice, to serve as your counsel in this action.
The Brualdi Law Firm (www.brualdilawfirm.com) is a firm active in major litigations pending in federal and state courts throughout the United States. It has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for many years. Please contact The Brualdi Law Firm website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca