WASHINGTON, Dec. 16, 2008 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP announces that a class action lawsuit has been filed against GSI Group, Inc. ("GSI" or the "Company") (Nasdaq:GSIG) in the United States District Court for the District of Massachusetts, and Finkelstein Thompson is investigating similar claims at this time.
The filed complaint alleges that on December 4, 2008, GSI's share price plummeted 29.17% on unusually heavy trading volume, closing at $0.68 per share. This drop occurred after GSI announced that it would have to restate financial statements for the first and second fiscal quarters of 2008 because approximately $16.2 million in stated revenues should have been deferred until the delivery of additional equipment in accordance with EITF 00-21 Revenue Arrangements with Multiple Deliverables. Specifically, the lawsuit alleges that the Company issued false and misleading statements concerning this improperly recognized revenue and the resulting effect on GSI's financial results. Further, the complaint alleges that as a result of these false and misleading statements, the price of GSI stock was artificially inflated between between April 30, 2008 and December 3, 2008, inclusive.
Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. The firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a GSI shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com. You may also contact us through our website at http://www.finkelsteinthompson.com/.