Schatz & Nobel, P.C. Announces Class Action Lawsuit Against IMAX Corporation -- IMAX


HARTFORD, Conn., Aug. 15, 2006 (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 Southern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of IMAX Corporation (the "Company") (Nasdaq:IMAX) between February 17, 2006 and August 9, 2006, inclusive, (the "Class Period").

The Complaint alleges that IMAX and certain of its officers and directors violated federal securities laws by issuing a series of materially false statements. Specifically, in February and March 2006, IMAX issued a series of press releases describing its financial successes as well as its intention to explore strategic alternatives. On August 9, 2006, IMAX announced that it was being investigated by the SEC with respect to its accounting, in particular, revenue recognition issues. On this news, shares fell over 40% from $9.63 per share to $5.73 per share.

If you are a member of the class, you may, no later than October 10, 2006, 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.



            

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