| Company: | Silicon Image, Inc. |
| Ticker Symbol: | NASD: SIMGE |
| Class Period: | April 15, 2002 to March 31, 2002 |
| Court: | Northern District, CA |
| Date Filed: | Dec-15-03 |
| Lead Plaintiff Deadline: | Feb-13-04 |
| Allegations: |
A Class Action lawsuit has commenced in the United States District Court for the Northern District of California, located at 450 Golden Gate Avenue, San Francisco and was assigned to Judge Ware. The action has been brought as a class action on behalf of a class (the
"Class") of all persons who purchased or acquired securities of Silicon Image, Inc. ("Silicon" or the "Company") (Nasdaq:SIMGE) between April 15, 2002, the day the Company announced its financial results for its first quarter ended March 31, 2002 and November 15, 2003, the day the Company announced an investigation into its revenue recognition practices associated with its licensing transactions (the "Class Period").
The Complaint (No. C-03-5579) is captioned: Korman v. David Lee, Steve Tirado, Robert Gargus and Silicon Image, Inc. David Lee ('Lee") has been at all relevant times Defendant Silicon's Chairman; Steve Tirado ("Tirado") has been at all relevant times Silicon's President and Chief Operating Officer; and Robert Gargus ("Gargus") has been at all relevant times Silicon's Vice President and Chief Financial Officer. Silicon, Lee Tirado and Gargus are hereinafter referred to as the Defendants. 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 a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Silicon securities.
The Complaint alleges that Defendants made a series of false and misleading statements starting on April 15, 2002. The Complaint alleges that the press releases issued on April 15, 2002, June 13, 2002, July 23, 2002, October 15, 2002, January 15, 2003, April 15, 2003, July 22, 2003, September 30, 2003 and October 19, 2003 were materially false and misleading. In additions, the Complaint alleges that the Company's Form 10-Q's and Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 12, 2002, July 30, 2002, November 8, 2002, March 27, 2003, May 8, 2003, and August 14, 2003 were materially false and misleading. The Complaint alleges that each of these above referenced press releases and SEC filings were materially false and misleading because, during the Class Period defendants, had overstated Silicon's license revenue by improperly recognizing revenue that did not satisfy revenue recognition criteria. The Complaint also alleges that, as a result of the improper revenue recognition, the Company's net income and earnings were overstated and its financial statements were prepared in violation of General Accepted Accounting Principles ("GAAP"). In addition, the Complaint alleges that while in possession of material non public information that defendants Lee, Gargus and Tirado sold thousands of shares of their personally held Silicon stock. On November 14, 2003, Silicon announced that its Form 10-Q for the quarter ended September 30, 2003 would not be timely filed because an investigation into the Company revenue recognition practices associated with its licensing transaction. On this news, Silicon's shares fell more than 27.7% to close at $6.40.
If you acquired the securities of the defendants during the Class Period you may, no later than Feb-13-04, 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 (No. C-03-5579) is captioned: Korman v. David Lee, Steve Tirado, Robert Gargus and Silicon Image, Inc. David Lee ('Lee") has been at all relevant times Defendant Silicon's Chairman; Steve Tirado ("Tirado") has been at all relevant times Silicon's President and Chief Operating Officer; and Robert Gargus ("Gargus") has been at all relevant times Silicon's Vice President and Chief Financial Officer. Silicon, Lee Tirado and Gargus are hereinafter referred to as the Defendants. 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 a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Silicon securities.
The Complaint alleges that Defendants made a series of false and misleading statements starting on April 15, 2002. The Complaint alleges that the press releases issued on April 15, 2002, June 13, 2002, July 23, 2002, October 15, 2002, January 15, 2003, April 15, 2003, July 22, 2003, September 30, 2003 and October 19, 2003 were materially false and misleading. In additions, the Complaint alleges that the Company's Form 10-Q's and Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 12, 2002, July 30, 2002, November 8, 2002, March 27, 2003, May 8, 2003, and August 14, 2003 were materially false and misleading. The Complaint alleges that each of these above referenced press releases and SEC filings were materially false and misleading because, during the Class Period defendants, had overstated Silicon's license revenue by improperly recognizing revenue that did not satisfy revenue recognition criteria. The Complaint also alleges that, as a result of the improper revenue recognition, the Company's net income and earnings were overstated and its financial statements were prepared in violation of General Accepted Accounting Principles ("GAAP"). In addition, the Complaint alleges that while in possession of material non public information that defendants Lee, Gargus and Tirado sold thousands of shares of their personally held Silicon stock. On November 14, 2003, Silicon announced that its Form 10-Q for the quarter ended September 30, 2003 would not be timely filed because an investigation into the Company revenue recognition practices associated with its licensing transaction. On this news, Silicon's shares fell more than 27.7% to close at $6.40.
If you acquired the securities of the defendants during the Class Period you may, no later than Feb-13-04, 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.
