Sarraf Gentile LLP Announces Class Action Lawsuit Against GSI Group Inc.
NEW YORK, NY--(Marketwire - December 15, 2008) - On December 12, 2008, a class action lawsuit
was filed in the United States District Court for the District of
Massachusetts against GSI Group Inc. ("GSI Group") (NASDAQ: GSIG) and
certain of its officers on behalf of a Class of all persons who purchased
or otherwise acquired the securities of GSI Group between April 30, 2008
and December 3, 2008, inclusive (the "Class Period"). The lawsuit alleges
that defendants violated the
anti-fraud provisions of the federal securities laws.
According to the complaint, GSI Group supplies precision technology to
medical, electronics and industrial markets. Throughout the Class Period,
the complaint alleges, defendants' public statements were false and
misleading or failed to disclose or indicate the following: (1) that GSI
Group improperly recognized revenue; (2) that GSI Group misstated its
financial results during the Class Period; (3) that GSI Group's financial
results were not prepared in accordance with Generally Accepted Accounting
Principles; (4) that GSI Group lacked adequate internal and financial
controls; and (5) as a result, GSI Group's financial statements were
materially false and misleading. According to the complaint, when GSI
Group announced on December 4, 2008, that it would restate its financial
statements, its stock declined $0.28 per share, or 29%, to close at $0.68
per share.
If you bought the securities of GSI Group during the Class Period, you may,
no later than February 10, 2009, move the Court to appoint you as lead
plaintiff, a representative party that acts on behalf of other Class
members. The Court must determine whether the Class member's claim is
typical of other Class members' claims, and whether the Class member will
adequately represent the Class. Your ability to share in any recovery is
not affected by the decision whether or not to serve as a lead plaintiff.
Sarraf Gentile LLP did not file, and does not represent the plaintiff in,
this lawsuit. You may retain Sarraf Gentile LLP or other counsel of your
choice, to serve as your counsel in this action.
If you would like to participate in this action or would like additional
information about the lawsuit, please contact Joseph Gentile at Sarraf
Gentile LLP, 11 Hanover Square, New York, NY 10005 (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
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Contact Information: Contact:
Joseph Gentile
SARRAF GENTILE LLP
11 Hanover Square
New York, NY 10005
T 212.868.3610
F 212.918.7967
http://www.sarrafgentile.com