HARTFORD, Conn., Jan. 16, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, 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 Celestica, Inc. ("Celestica" or the "Company") (NYSE:CLS) between July 27, 2006 and December 12, 2006, inclusive, (the "Class Period").
The Complaint alleges that Celestica and certain of its officers and directors violated federal securities laws. Specifically, defendants issued numerous statements describing the Company's financial performance and future prospects, which they attributed, in part, to success of the Celestica's restructuring activities and improvements in the Mexican and European operations. The complaint alleges that these statements were materially false and misleading when made because defendants failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company was experiencing declining demand in its Mexican operations and that division was carrying significant amounts of unneeded inventory which would have to be written off; (ii) that the Company was experiencing declining demand in its Information Technology ("IT") and communications market segments as its larger customers scaled back purchases; and (iii) as a result of the foregoing, there was no reasonable basis to project adjusted earnings per share ranging from $0.12 to $0.20. When this undisclosed information later became public, shares of Celestica declined.
If you are a member of the class, you may, no later than March 13, 2007, 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 Izard, P.C. 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 Izard, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.