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 Massachusetts on behalf of purchasers of Waters Corporation. ("Waters" or "the Company") (NYSE:WAT) common stock during the period between January 24, 2007 and January 22, 2008 (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 Waters common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by January 12, 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 that Waters and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following: (i) Waters was experiencing a slowdown in sales in the Japanese market as a result of decreased government regulation, which reduced the need for the Company's products and services; (ii) the Company's earnings were being materially impacted by an increased tax rate; and (iii) as a result of the foregoing, Waters had no reasonable basis for its 2007 earnings guidance.
According to the complaint, on January 22, 2008, Waters Corp. announced its financial results for the fourth quarter and year-end 2007, the period ended December 31, 2007. Following this press release, the defendants held a conference call with analysts and investors and revealed that "an unexpected increase in (its) annual tax rate, among other factors, adversely affected (its) bottom-line performance." Moreover, the Company stated that its Japanese sales were "weaker than anticipated due to a change in the testing protocols for drinking water analysis in Japan" which the Company knew about since "last year." Upon this news, shares of the Company's stock fell $14.65 per share, or approximately 20%, to close at $58.58 per share, on heavy trading volume.