| Company: | KVH Industries, Inc. |
| Ticker Symbol: | NASD: KVHI |
| Class Period: | January 6, 2004 to July 2, 2004 |
| Date Filed: | Jul-21-04 |
| Lead Plaintiff Deadline: | Sep-20-04 |
| Court: | District, RI |
| Allegations: |
A class action has been commenced in the United States District Court for the District of Rhode Island on behalf of purchasers of KVH Industries, Inc. ("KVH" or the "Company") (NASDAQ:KVHI) publicly traded securities during the period between January 6, 2004 and July 2, 2004 (the "Class Period").
The complaint charges KVH and certain of its officers and directors with violations of the Securities Exchange Act of 1934. KVH describes itself as a designer, manufacturer and marketer of mobile satellite communications products for the automotive/recreational vehicle/marine markets and navigation, guidance and stabilization products for defense markets.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding KVH's increasing financial results and the strong demand for its newly developed TracVision A5 and G8 satellite TV systems (the "TracVision systems"). As alleged in the complaint, these statements were materially false and misleading because they failed to disclose, among other things: (a) that defendants had "stuffed" the retail channels with overpriced TracVision systems; (b) that the Company=s revenues were not growing by millions of dollars per quarter and the purported growth trends in the Company=s revenues could not be sustained; and (c) that KVH had not realized any material cost reduction in the manufacture of its TracVision systems and would be forced to write-down its inventory of manufactured goods by millions of dollars. The complaint further alleges that defendants failed to disclose these adverse facts in order to complete a public offering of KVH common stock, raising more than $51.5 million in much needed capital.
On or about July 6, 2004, before the market opened for trading, KVH stunned the investing public by announcing that it was slashing the retail price of its TracVision systems by more than 34% and taking a multi-million dollar write down of vendor purchase commitments and on-hand inventories to reflect the true value of KVH's TracVision systems sales. In pre-opening market trading, KVH common stock declined more than 19%, to open at $9.51 per share on July 6, 2004, a 49% decline from the public offering price just 4 months prior.
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 KVH and certain of its officers and directors with violations of the Securities Exchange Act of 1934. KVH describes itself as a designer, manufacturer and marketer of mobile satellite communications products for the automotive/recreational vehicle/marine markets and navigation, guidance and stabilization products for defense markets.
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding KVH's increasing financial results and the strong demand for its newly developed TracVision A5 and G8 satellite TV systems (the "TracVision systems"). As alleged in the complaint, these statements were materially false and misleading because they failed to disclose, among other things: (a) that defendants had "stuffed" the retail channels with overpriced TracVision systems; (b) that the Company=s revenues were not growing by millions of dollars per quarter and the purported growth trends in the Company=s revenues could not be sustained; and (c) that KVH had not realized any material cost reduction in the manufacture of its TracVision systems and would be forced to write-down its inventory of manufactured goods by millions of dollars. The complaint further alleges that defendants failed to disclose these adverse facts in order to complete a public offering of KVH common stock, raising more than $51.5 million in much needed capital.
On or about July 6, 2004, before the market opened for trading, KVH stunned the investing public by announcing that it was slashing the retail price of its TracVision systems by more than 34% and taking a multi-million dollar write down of vendor purchase commitments and on-hand inventories to reflect the true value of KVH's TracVision systems sales. In pre-opening market trading, KVH common stock declined more than 19%, to open at $9.51 per share on July 6, 2004, a 49% decline from the public offering price just 4 months prior.
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.
