| Company: | Emerson Radio Corp. |
| Ticker Symbol: | AMEX: MSN |
| Class Period: | January 29, 2003 through August 12, 2003 |
| Court: | District, NJ |
| Date Filed: | Sep-05-03 |
| Lead Plaintiff Deadline: | Nov-03-03 |
| Allegations: |
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing numerous positive statements throughout the Class Period regarding the Company's growth and demand for the Company's products. As alleged in the complaint, these statements were each materially false and misleading when made as they misrepresented and omitted the following 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 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.
On August 12, 2003, the last day of the Class Period, Emerson shocked the investing public when it released its financial and operational results for the first quarter of fiscal 2004, ended June 30, 2003, announcing, among others, a 44.3% revenue decline in its consumer electronics segment. In response to this announcement, shares of Emerson stock fell more than 49% on August 12, 2003, on heavy trading volume.
If you acquired the securities of Emerson Radio Corp. during the Class Period you may, no later than November 3, 2003, 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.
