The Brualdi Law Firm Announces Class Action Lawsuit Against Celestica Inc. -- CLS


NEW YORK, Jan. 16, 2007 (PRIME NEWSWIRE) -- The Brualdi Law Firm announces that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Celestica Inc. ("Celestica" or the "Company") (NYSE:CLS) securities during the period between July 27, 2006 and December 12, 2006, inclusive (the "Class Period").

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Celestica common stock during the period described above, you have certain rights, and have until no later than 60 days from January 12, 2007, in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/

The complaint charges Celestica and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Celestica provides electronic manufacturing services to original equipment manufacturers in the computing, telecommunications, aerospace and defense, automotive, consumer electronics, and industrial sectors in Asia, the Americas, and Europe.

According to the complaint, throughout the Class Period, defendants issued numerous statements describing the Company's financial performance and future prospects, which they attributed, in part, to success of the Company's restructuring activities and improvements in their 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 the operations 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 common stock declined.

More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca/



            

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