NEW YORK, March 7, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Central District of California Southern Division, civil action number SA-CV-02-237 (ANX), on behalf of all persons or entities who purchased Irvine Sensors Corp. ("ISC" or the "Company") common stock (Nasdaq:IRSN) between January 6, 2000 and September 15, 2001, both dates inclusive (the "Class Period").
The complaint alleges that ISC, a high-tech research and development firm, along with certain of its officers and directors, violated federal securities laws, by, among other things, repeatedly maintaining throughout the Class Period, that Silicon Film Technologies, Inc., a majority-owned subsidiary of ISC, was near completion of its Electronic Film System or "EFS-1," a device which would interface with a conventional camera to enable the camera to take digital pictures, all the while knowing that the EFS-1 was suffering from serious and insurmountable technical design flaws. On September 15, 2001, after nearly two years of touting the EFS-1 technology, ISC abruptly announced that SFI had suspended operations and was considering bankruptcy, essentially ending the EFS-1 project. This news caused ISC stock price to plummet from a Class Period high of $14 a share to a low of 12 cents.
According to the complaint, due to defendants' deceptive and illegal conduct, the stock price of ISC was artificially high throughout the Class Period, causing plaintiff and the other class members to purchase their ISC securities at inflated prices.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased ISC common stock during the Class Period described above, you may, no later than April 15, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Maurice Pesso, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.