NEW YORK, May 13, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of Florida, case number 02-CIV-80402-Ferguson, on behalf of all persons or entities who purchased Saf T Lok Incorporated ("Saf T Lok" or the "Company") common stock (OTCBB:LOCK) between May 17, 1999 and April 16, 2001, both dates inclusive (the "Class Period"). Saf T Lok, Franklin W. Brooks, Jeffrey W. Brooks, and William Schmidt are named as defendants in the action.
The Complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements and omissions of material fact regarding the value of the Company's inventories, tools and die, and patents during the Class Period. In particular, it is alleged that a material amount of the reported value of the Company's inventories, tools and die, and patents were obsolete during the Class Period and as such were not accounted for at the lower of cost or market value as represented. The Complaint alleges that as a result of these false and misleading statements the price of Saf T Lok common stock was artificially inflated throughout the Class Period causing plaintiffs and the other members of the Class to suffer damages.
Plaintiffs are 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 LLP at www.rabinlaw.com.
If you purchased Saf T Lok common stock during the Class Period described above, you may, no later than May 31, 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