NEW YORK, Nov. 14, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of South Dakota on behalf of purchasers of Daktronics, Inc. ("Daktronics" or "the Company") (Nasdaq:DAKT) common stock during the period between November 15, 2006 and April 5, 2007 (the "Class Period") for violations of federal securities laws.
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 Daktronics common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by January 6, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint charges Daktronics and certain of its officers and directors with violations under the Securities Exchange Act of 1934 and alleges that the defendants lacked a reasonable basis for making positive projections of its future prospects because, during the Class Period, they failed to disclose difficulty the Company was having with its digital billboard and sports markets business, that several large orders had been delayed and that operating expenses were not under control. As a result of the Company revising its fiscal fourth quarter estimates and projections for growth in 2008 on April 5, 2007, the value of Daktronic's common stock declined.