NEW YORK, March 27, 2002 (PRIMEZONE) -- Shalov Stone & Bonner LLP (www.lawssb.com) issued the following announcement today: A class action was commenced on behalf of all persons who purchased the securities of Measurement Specialties, Inc. (AMEX:MSS) in the period from July 31, 2001 to February 14, 2002. The complaint names Measurement Specialties, Joseph Mallon, Damon Germanton and Kirk Dischino as defendants.
The complaint alleges that the defendants made material misrepresentations and omissions of material facts concerning the company's accounting, inventories, assets and business performance during the relevant time. According to the complaint, throughout the relevant time period, defendants overstated the Company's financial condition and stated that the company was enjoying strong growth and performing well. At the same time, however, the complaint alleges that the defendants knew or recklessly disregarded that Measurement Specialties was overstating inventories and assets, among other things. On February 15, 2002, Measurement Specialties disclosed that it expected to restate previously reported financial statements because of problems associated with its accounting. In addition, the Company disclosed that it had fired its then Chief Financial Officer, defendant Dischino. The Company's stock was halted from trading that day, and has remained halted for over a month, leaving investors with an illiquid and possibly worthless investment. Investors have been left with substantial damages as a result of the financial misstatements and apparent accounting scandal at the Company. The company has delayed the filing of its Report on Form 10-Q for the most recent fiscal quarter with the SEC. The lawsuit was filed in the United States District Court for the District of New Jersey.
Plaintiffs are represented by the law firm of Shalov Stone & Bonner LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about Shalov Stone & Bonner, please visit the firm's website at: www.lawssb.com
If you would like to participate in this action or would like additional information about the lawsuit, please visit the firm's website at www.lawssb.com
You may also contact the firm by mail or email. Shalov Stone & Bonner LLP (Ralph M. Stone), 485 Seventh Avenue, Suite 1000, New York, New York 10018, email: rstone@lawssb.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca