| Company: | Symbol Technologies, Inc. |
| Ticker Symbol: | NYSE: SBL |
| Class Period: | May 10, 2004 to August 1, 2005 |
| Date Filed: | Aug-18-05 |
| Lead Plaintiff Deadline: | Oct-17-05 |
| Court: | Eastern District, NY |
| Allegations: |
A securities class action lawsuit was filed in the United States District Court for the Eastern District of New York, on behalf of purchasers of Symbol Technologies, Inc. ("Symbol") (NYSE: SBL) publicly traded securities between May 10, 2004 and August 1, 2005, inclusive (the "Class Period"). Also included are all those who acquired Symbol's shares through its acquisition of Matrics, Inc.
The Complaint alleges that Symbol, and certain of its officers and directors, violated federal securities laws by issuing misleading public statements. Specifically, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. The complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts: (i) that Symbol had inadequate and deficient internal and financial controls; (ii) that Symbol's reported expenses were understated; (iii) that Symbol had massive overcapacity, inefficient operations and obsolete assets; (iv) that Symbol was experiencing declining demand for its products; and (v) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.
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.
At LawyersandSettlements.com, it is our goal to keep you informed about important legal cases and settlements. We are dedicated to helping you resolve your legal complaints.
The Complaint alleges that Symbol, and certain of its officers and directors, violated federal securities laws by issuing misleading public statements. Specifically, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. The complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts: (i) that Symbol had inadequate and deficient internal and financial controls; (ii) that Symbol's reported expenses were understated; (iii) that Symbol had massive overcapacity, inefficient operations and obsolete assets; (iv) that Symbol was experiencing declining demand for its products; and (v) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.
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.
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