LOS ANGELES, Feb. 14, 2003 (PRIMEZONE) -- On February 7, 2003, Glancy & Binkow LLP filed the first class action lawsuit against Sawtek, Inc. ("Sawtek" or the "Company") - currently a subsidiary of TriQuint Semiconductor, Inc. (Nasdaq:TQNT) - and certain of its senior officers on behalf of purchasers of Sawtek securities between January 27, 2000 and May 24, 2001, inclusive (the "Class Period"). Glancy & Binkow LLP is continuing its investigation into Sawtek's misconduct.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com.
The Complaint charges Sawtek and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning Sawtek's business operations and financial performance caused Sawtek's stock price to become artificially inflated, inflicting damages on investors. Sawtek designs, develops, manufactures and markets a broad range of electronic signal processing components, based on "surface acoustic wave" or SAW technology, primarily for use in the wireless communications industry. The complaint alleges that during the Class Period, defendants misrepresented Sawtek's financial performance by improper "channel stuffing" - inflating revenue by shipping more products than distributors could sell - and by disseminating false and misleading statements concerning the Company's revenue and business prospects despite a widespread downturn in the wireless and telecommunications markets. Sawtek's actual financial performance was revealed on May 23, 2001, when defendants' acknowledged that the Company's projected results for the quarter ending June 30, 2001, would fall well below the Company's previously issued revenue guidance. By the close of trading on the next day, May 24, 2001, Sawtek's stock price had plunged more than seventeen percent (17%) from the previous day's close as a result of this news.
All persons who purchased securities of Sawtek between January 27, 2000 and May 24, 2001, may move the Court not later than April 11, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.