NEW YORK, Dec. 19, 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 GSI Group, Inc. ("GSI Group" or the "Company") (Nasdaq:GSIG) securities during the period between April 30, 2008 and December 3, 2008 (the "Class Period") for violations of the 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 GSI common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 10, 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 GSI Group and certain of its officers and directors violated federal securities laws by issuing false and misleading statements about the Company's business operations and prospects. Specifically, defendants failed to disclose the following: (i) that the Company improperly recognized revenue; (ii) that as a result, the Company misstated its financial results during the Class Period; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iv) that GSI Group lacked adequate internal and financial controls; and (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On December 4, 2008 the Company announced that it would restate its financial statements for the first and second fiscal quarters of 2008. On this news, shares of GSI Group fell approximately 29% to close at $0.68 per share.