NEW YORK, April 24, 2007 (PRIME NEWSWIRE) -- The Brualdi Law Firm announces that a securities class action lawsuit has been commenced in the Northern District of Texas, Dallas Division on behalf of purchasers of Viseon, Inc. (OTCBB:VSNI) publicly traded securities during the period between November 3, 2004 and May 15, 2006 (the "Class Period").
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 Viseon common stock during the period described above, you have certain rights, and have until no later than June 18, 2007, in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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 Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint alleges violations of the Securities Exchange Act of 1934. During the class period, Viseon issued a series of statements relating to Viseon's next generation VisiFone broadband video phone. Viseon claimed to have developed the VisiFone II, the next generation of consumer telephony. Viseon failed to disclose to the public that the development of the VisiFone II was only partially completed, and that it was not ready for production. The complaint alleges that Viseon and its officers were well aware of production problems in connection with the VisiFone II. On May 15, 2006, Viseon announced in a public filing that minimal revenue was recorded on the deployment of units of next generation VisiFones to carriers since the deployments continued to be for trial-purposes only. Viseon's stock price fell as a result of this announcement. The stock is currently trading at $0.01.