LOS ANGELES, Feb. 27, 2002 (PRIMEZONE) -- A class action lawsuit was filed in United States District Court for the Central District of California, Southern Division on behalf of purchasers of Irvine Sensors Corporation ("ISC" or the "Company") (Nasdaq:IRSN) common stock between January 6, 2000 and September 15, 2001, inclusive (the "Class Period"). You may obtain a copy of the complaint from the Court or from Stull, Stull & Brody.
The complaint alleges that ISC and certain of its officers and directors violated the Securities Exchange Act of 1934. The Company purports to be a developer of proprietary technologies to produce compact packages of solid state micro-circuitry.
Silicon Film Technologies, Inc. ("SFI") was a majority owned subsidiary of ISC whose primary purpose was to design and market the Electronic Film System or "EFS-1." EFS-1 purportedly interfaced with a conventional camera to enable the camera to take digital pictures. During the Class Period, defendants repeatedly promised the investing community that the EFS-1 was near completion and would be ready for release shortly. These promises never materialized because defendants, knew but did not disclose to the public, among other things, that EFS-1 suffered from serious and insurmountable technical design flaws. On September 15, 2001, after nearly two years of touting the EFS-1 technology, ISC announced that SFI had suspended operations and was considering bankruptcy. The result being the death-knell of the EFS-1 project. Due to defendants' deceptive and illegal conduct, plaintiff and the other class members purchased their ISC securities at inflated prices. Had plaintiff and the other class members been aware of the truthful condition of the Company and the adverse impact that defendants' statements and omissions were having on the Company, they would not have purchased their shares, or at least not at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody who has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody, who has significant experience and expertise in prosecuting class actions on behalf of investors. If you are a member of the class described above, you may, no later than April 15, 2002, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Marc L. Godino of Stull, Stull & Brody toll free at 888-388-4605 or via e-mail at mgodino@secfraud.com or visit the firm's web-site at www.secfraud.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.