LOS ANGELES, Sept. 16, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the District of New Jersey on behalf of a class (the "Class") consisting of all persons who purchased securities of Emerson Radio Corp. ("Emerson" or the "Company") (AMEX:MSN) between January 29, 2003 and August 12, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Emerson and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Emerson's financial performance, business operations and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Emerson is a consumer electronics distributor that designs, sources, imports and markets video, audio and other consumer electronic products.
The complaint alleges that during the Class Period defendants' public statements omitted adverse facts, which then existed and disclosure of which was necessary to make the statements not false and misleading, including but not limited to the following: (a) that Emerson customers were deferring and foregoing purchases of product and reducing inventory levels as they shifted to just-in-time stocking; (b) that since at least March 2003, the outbreak of severe acute respiratory syndrome in Asia was dramatically reducing Emerson's product demand and supply; (c) that Emerson was planning to, and did, discontinue the Mary-Kate and Ashley and Nascar brands and business; and (d) that based on the foregoing, Emerson had no reasonable basis to project "significant" and "strong" growth and revenues for fiscal 2004.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than November 3, 2003, 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 these matters, please contact Lionel Z. Glancy, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca