NEW YORK, April 14, 2005 (PRIMEZONE) -- Goodkind Labaton Rudoff & Sucharow LLP filed an amended class action lawsuit in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Veeco Instruments Inc. ("Veeco" or the "Company") (Nasdaq:VECO) between November 3, 2003 and February 10, 2005, inclusive, (the "Class Period"). The amended lawsuit was filed against Veeco, Edward H. Braun and John F. Rein Jr. ("Defendants"). In addition, the date for making a motion to the Court to serve as lead plaintiff is rapidly approaching. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.
If you are a member of this class you can view a copy of the newly amended complaint and join this class action online at http://www.glrslaw.com/get/?case=Veeco.
Since the filing of the initial complaint, Goodkind Labaton has conducted an investigation of the issues initially alleged and has uncovered significant material findings. These findings include that Veeco (a) may have violated Export Administration Regulations by making multiple improper shipments of classified equipment to China and Malaysia restricted based upon national security and anti-terrorism grounds, (b) failed to disclose that its export privileges were at risk given this improper conduct, and (c) omitted material information from its classification requests to the Bureau of Industry and Security, which if it had been disclosed, would have resulted in adverse events for the Company.
In addition, the amended complaint contains the allegations in the original complaint related to Defendants' statements which were false and misleading because Defendants (a) knowingly or recklessly failed to disclose that it had improperly valued the inventory and accounts payable at its TurboDisc division in order to make the acquisition look more attractive to the market, (b) falsely recognized revenue at TurboDisc during the class period, and (c) improperly overvalued its deferred tax assets.
Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP. Goodkind Labaton is one of the country's premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts. Goodkind Labaton was recently ranked fourth in total recoveries in 2003 among the top 50 plaintiffs' law firms by Institutional Shareholder Services (ISS), the world's leading provider of proxy and corporate governance services. Notably, Goodkind Labaton recovered over half a billion dollars for its clients last two years.
If you bought Veeco securities between November 3, 2003 and February 10, 2005, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than sixty days from today. To serve as Lead Plaintiff, however, you must meet certain legal requirements. April 18, 2005 is the last day to join the Class Action against Veeco Instruments, Inc. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.