PHILADELPHIA, April 19, 2002 (PRIMEZONE) -- Berger & Montague, P.C. (www.bergermontague.com) filed a class action against certain of the officers and directors of Symbol Technologies, Inc. (NYSE:SBL) in the United States District Court for the Eastern District of New York, on behalf of all persons or entities who purchased Symbol Technologies, Inc. common stock during the period from October 20, 2000 through February 12, 2002.
The complaint charges Symbol and three top officers with engaging in improper accounting practices to keep the company's financial results in line with analysts' expectations. Symbol, based in Holtsville, N.Y., develops and markets mobile and wireless computer devices. Specifically, the defendants are accused of improperly booking a $10 million royalty payment in the third quarter of 2000 and of improperly recording more than $40 million in revenue in the first quarter of 2001.
When news of the suspicious accounting practices first emerged in a February 13, 2002 newspaper article, the price of Symbol stock quickly dropped 17%, or $2.50 a share, to $11.70 a share. The following day, February 14, 2002, the company announced the abrupt retirement of chief executive officer and revealed poor quarterly and annual results. The company's stock price again fell sharply on the new reports, closing at $8.40 per share on February 15, 2002.
Plaintiff seeks to recover damages on behalf of all purchasers of Symbol Technologies, Inc. common stock during the Class Period (the "Class"). The plaintiff is represented by Berger & Montague, P.C. which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
The law firm of Berger & Montague, P.C. has 55 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm has represented investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In re: IKON Office Solutions Securities Litigation, Civil Action No. 98-4286 (E.D.Pa) (partial settlement for $111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here...I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 77-9 (N.D.Ill.) (settled in 1999 for $220 million).
If you purchased Symbol Technologies, Inc. common stock during the period from October 20, 2000 through February 12, 2002, inclusive, you may, no later than May 6, 2002, move to be appointed lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. 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 serve as lead plaintiff.
If you purchased Symbol Technologies, Inc. common stock, or have any questions concerning this notice or your rights with respect to this matter, you may contact:
Sherrie R. Savett, Esquire Barbara A. Podell, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Telephone: (888) 891-2289 or (215) 875-3000 Fax: (215) 875-5715 Website: www.bergermontague.com e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca