HARTFORD, Conn., April 30, 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 Northern District of California on behalf of all persons who purchased or otherwise acquired the common stock of Gaming Partners International Corp. ("GPIC" or the "Company") (Nasdaq:GPIC) between May 15, 2006 and March 28, 2007, inclusive, (the "Class Period").
The Complaint alleges that Gaming Partners and certain of its officers and directors violated Federal Securities laws by making misleading statements concerning their internal operational and financial controls. On March 28, 2007, defendants announced that the Company was delaying the filing of its full-year 2006 report due to deficiencies in accounting control procedures. GPIC said the deficiencies were discovered while its year-end financial statements were being prepared. In addition, the Company said that it expects to identify certain of these deficiencies as material weaknesses when the report is filed, and that it is working to resolve and remedy them. Before the March 28, 2007 announcement, GPIC shares were trading at $19.50 per share. On this news, GPIC's share price dropped almost 8% in a single trading day, to close at $18.10 per share. The next day, GPIC shares continued to decline to as low as $17.02 per share, a drop of nearly 13%.
If you are a member of the class, you may, no later than June 18, 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 firm@snlaw.net, or visit our website: www.snilaw.com.