PHILADELPHIA, May 30, 2008 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Western District of Wisconsin, 08cv314, on behalf of purchasers of the common stock of TomoTherapy, Inc. ("TOMO" or the "Company") (Nasdaq:TOMO) between February 13, 2008 and April 17, 2008 inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. If you wish to serve as lead plaintiff you must move the Court no later than July 29, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. 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.
The complaint charges TOMO and its Chief Executive Officer with violations of the Federal Securities Laws. TOMO develops, markets and sells the Hi-Art system, is a radiation therapy system for the treatment of various types of cancer. As alleged in the complaint, defendants concealed in their February Press Release that (a) a larger percentage of TOMO's revenue backlog at December 31, 2007 and TOMO's new orders received through February 12, 2008 were from for-profit entities which had ordered multi-unit Hi-Art Systems and had scheduled deliveries of the multi-units sequentially throughout 2008 and 2009; (b) the average selling prices were lower in Q1'08 by approximately 11% than they had been in Q1'07 because Q1'07 sales included a large number of European sales denominated in Euros; (c) new sales orders from Europe had slowed in Q1'08 through February 12, 2008 and TOMO was experiencing a serious delay in closing European orders; (d) TOMO's gross margins in Q1'08 were and would continue to be approximately 20% lower than they had been in Q1'07; and (e) TOMO's revenues in Q1'08 would be substantially lower and would not show increased growth from either Q1'07 or Q4'07 and that TOMO would suffer a loss in Q1'08. Shortly after the February Release, director Neis sold approximately 917,621 shares of TOMO common stock during February 26, 2008 through March 14, 2008.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of TomoTherapy between February 13, 2008 and April 17, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com