HARTFORD, Conn., June 25, 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 Eastern District of Wisconsin on behalf of all persons who purchased the publicly traded securities of Plexus Corporation ("Plexus") (Nasdaq:PLXS) between January 25, 2006 and July 27, 2006, inclusive (the "Class Period").
The Complaint charges that Plexus and certain of its officers and directors violated Federal Securities laws. The Company, together with its subsidiaries, operates in the electronics manufacturing services industry. According to the complaint, Defendants issued a series of materially false and misleading statements concerning Plexus, its business, operations and prospects. Unbeknownst to shareholders, the true facts were that the Company was experiencing softness in its defense market segment and was not performing according to internal expectations and that the Company's United Kingdom operations were in decline and would have to be reorganized. Prior to the disclosure of the true facts, Company insiders sold more than $26 million dollars of their personally-held shares to the unsuspecting public. On July 26, 2006, after the markets closed, Plexus announced lower than expected financial results for its 2006 fiscal third quarter and reduced the Company's earnings guidance for its 2006 fiscal fourth quarter. On this news, the price of Plexus common stock fell $10.71 per share, or approximately 32%, to close at $22.89 per share.
If you are a member of the class, you may, no later than August 24, 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@snilaw.com, or visit our website: www.snilaw.com.