NEW YORK, April 23, 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 Medis Technologies, Ltd. ("Medis" or the "Company") (Nasdaq:MDTL) securities during the period between April 13, 2007 and April 17, 2007, (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 Medis common stock during the period described above, you have certain rights, and have until no later than 60 days from April 23, 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 that Medis and certain of its present officers and senior management violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements about certain "Commercial Sales" it claimed to have made to Microsoft.
The Complaint alleges that on April 13, 2007 the Company issued a press release announcing that it has begun "commercial sales" of its 24/7 fuel cell Power Packs to Microsoft and that the first shipment of Power Packs were made that day. This announcement caused the Company's stock to dramatically rise on April 13, 2007. Company CEO and Chairman Robert K. Lifton stated the moment was "historic." Later that day, the Company issued additional information about the Microsoft deal through its business development manager Andrew Udis, as reported by the publication Inside Greentech. Mr. Udis indicated that the products were "branded" by Microsoft, that the products would be sold around the world by Microsoft, and that the ultimate unit commitment was expected to be in the "millions." On April 17, 2007, after market close, it was reported by certain media outlets that according to a Microsoft spokesperson, Microsoft only purchased a "small amount" of Medis' products, the products were not Microsoft branded, that Microsoft had no intention to sell them to consumers but rather distribute them free at an upcoming event. Nor did Microsoft have any plans for development of the product. The Complaint alleges that these subsequent adverse disclosures concerning Medis' purported deal with Microsoft caused the Company's stock to fall.