BENSALEM, Pa., Dec. 4, 2008 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against GSI Group Inc. ("GSI Group" or the "Company") (Nasdaq:GSIG), concerning possible securities violations in relation to public statements made by the Company between April 30, 2008 and December 3, 2008. The investigation concerns GSI Group's December 4, 2008, announcement that the Company intends to restate its financial statements for the first and second fiscal quarters of 2008. GSI Group revealed that revenue of approximately $8,982,000 recognized in the first fiscal quarter ended March 28, 2008, and revenue of approximately $7,194,000 recognized in the second fiscal quarter ended June 27, 2008, should have been deferred until the delivery of additional equipment in accordance with EITF 00-21 Revenue Arrangements with Multiple Deliverables. The Company disclosed that, as a result, the Audit Committee of the Board of Directors of GSI Group has determined that the previously issued financial statements contained in GSI Group's Quarterly Reports on Form 10-Q for the periods ended March 28, 2008 and June 27, 2008 should no longer be relied upon.
If you purchased GSI Group's common stock between April 30, 2008 and December 3, 2008, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com.