NEW YORK, Dec. 3, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida, on behalf of all purchasers of Aerosonic Corp. ("Aerosonic" or the "Company") (AMEX: AIM) securities during the period from November 13, 1998 through March 17, 2003, inclusive (the "Class Period").
Please visit our website at http://www.kmslaw.com/new_cases/Aerosonic/Aerosonic.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.
The action charges Aerosonic and certain of its senior officers ("Defendants") with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of Aerosonic's shares.
On March 17, 2003, Defendants announced that they had discovered what appeared to be certain discrepancies in previously-reported financial information concerning inventory accounting and revenue recognition. The market reacted swiftly and severely to this news, with the Company's stock falling 24%, or $3.32 per share from a high of $13.32 per share on March 17, 2003 to close at $10.10 per share on March 18, 2003. If you are a member of the class described above, you may, no later than January 13, 2004, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the ''PSLRA''), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact: Pamela E. Kulsrud, Esq., Elaine Mui.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca