| Company: | Concord Camera Corporation |
| Ticker Symbol: | NASD: LENS |
| Class Period: | August 14, 2003 to May 10, 2004 |
| Date Filed: | Sep-17-04 |
| Lead Plaintiff Deadline: | Nov-08-04 |
| Court: | Southern District, FL |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Southern District of Florida on behalf of all securities purchasers of the Concord Camera Corporation (Nasdaq: LENS - News; "Concord" or the "Company") from August 14, 2003 through May 10, 2004 inclusive (the "Class Period").
The complaint charges Concord, Ira Lampert, Harlan Press, and Richard Finkbeiner with violations of Sections 10(b)-5 and 20(a) of the Securities Exchange Act of 1934, and Rule 10(b)-5 promulgated thereunder. Concord designs, develops, manufactures and sells easy-to-use image capture products on a worldwide basis. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's inventory levels were materially inflated; (2) the Company's financial results were materially impacted by the significant inventory provisions, ranging from $6 to $7 million; (3) the Company's net loss was artificially deflated through the application of manufacturing labor and overhead costs to inventory; and (4) that as a result, the Company's financial results were materially inflated at all relevant times.
On May 11, 2004, Concord announced that it would file Form 12b-25 with the SEC extending the Company's time to file a Form 10-Q for the period ended March 27, 2004. News of this shocked the market. Shares of Concord fell $1.58 per share or 34.20 percent, on May 11, 2004, to close at $3.04 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Concord, Ira Lampert, Harlan Press, and Richard Finkbeiner with violations of Sections 10(b)-5 and 20(a) of the Securities Exchange Act of 1934, and Rule 10(b)-5 promulgated thereunder. Concord designs, develops, manufactures and sells easy-to-use image capture products on a worldwide basis. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's inventory levels were materially inflated; (2) the Company's financial results were materially impacted by the significant inventory provisions, ranging from $6 to $7 million; (3) the Company's net loss was artificially deflated through the application of manufacturing labor and overhead costs to inventory; and (4) that as a result, the Company's financial results were materially inflated at all relevant times.
On May 11, 2004, Concord announced that it would file Form 12b-25 with the SEC extending the Company's time to file a Form 10-Q for the period ended March 27, 2004. News of this shocked the market. Shares of Concord fell $1.58 per share or 34.20 percent, on May 11, 2004, to close at $3.04 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
