| Company: | Meade Instruments, Inc. |
| Ticker Symbol: | NASD: MEAD |
| Class Period: | September 27, 2001 to August 29, 2006 |
| Date Filed: | Sep-27-06 |
| Lead Plaintiff Deadline: | Nov-26-06 |
| Court: | Central District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who purchased the publicly traded securities of Meade Instruments, Inc. ("Meade") (Nasdaq: MEAD - News) between September 27, 2001 and August 29, 2006.
The complaint alleges that, throughout the Class Period, Defendants misrepresented and omitted material facts concerning Meade's backdating of stock option grants to its officers John Diebel and Steven Murdock. Specifically, Plaintiff alleges that at all times during the Class Period, Meade represented that the exercise price of all stock options would be no less than the fair market value of Meade's common stock, measured by the publicly traded closing price for Meade stock on the day of the grant.
However, in reality, those options were backdated so their exercise price correlated to a day on or near the day Meade's stock hit its low price for the year, or directly in advance of sharp increases in the price of Meade stock. Defendant Diebel directly benefited by exercising these backdated options.
As the truth concerning Meade's practice of backdating option grants gradually became known to the market from a variety of sources, the price of Meade's stock fell $0.70, or 25%, between May 22, 2006 and August 29, 2006.
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 alleges that, throughout the Class Period, Defendants misrepresented and omitted material facts concerning Meade's backdating of stock option grants to its officers John Diebel and Steven Murdock. Specifically, Plaintiff alleges that at all times during the Class Period, Meade represented that the exercise price of all stock options would be no less than the fair market value of Meade's common stock, measured by the publicly traded closing price for Meade stock on the day of the grant.
However, in reality, those options were backdated so their exercise price correlated to a day on or near the day Meade's stock hit its low price for the year, or directly in advance of sharp increases in the price of Meade stock. Defendant Diebel directly benefited by exercising these backdated options.
As the truth concerning Meade's practice of backdating option grants gradually became known to the market from a variety of sources, the price of Meade's stock fell $0.70, or 25%, between May 22, 2006 and August 29, 2006.
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.
