HARTFORD, Conn., Aug. 17 -The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of all persons who purchased the securities of Symbol Technologies, Inc. (NYSE: SBL) ("Symbol") between May 10, 2004 and August 1, 2005, inclusive (the "Class Period"). Also included are all those who acquired Symbol's shares through its acquisition of Matrics, Inc.
The Complaint alleges that Symbol, and certain of its officers and directors, violated federal securities laws by issuing misleading public statements. Specifically, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. The complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts: (i) that Symbol had inadequate and deficient internal and financial controls; (ii) that Symbol's reported expenses were understated; (iii) that Symbol had massive overcapacity, inefficient operations and obsolete assets; (iv) that Symbol was experiencing declining demand for its products; and (v) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.
If you are a member of the class, you may, no later than October 17, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a complaint, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: http://www.snlaw.net.
CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net
e-mail: sn06106@aol.com
