| Company: | TVIA, Inc. |
| Ticker Symbol: | NASD: TVIA |
| Class Period: | August 8, 2006 to September 27, 2006 |
| Date Filed: | Oct-06-06 |
| Lead Plaintiff Deadline: | Dec-05-06 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit has been filed on behalf of purchasers of TVIA, Inc. ("TVIA" or the "Company") (NASDAQ: TVIA) common stock during the period from August 8, 2006 through and including September 27, 2006, including purchasers in the Company's Private Placement that was fully funded on August 25, 2006 (the "Class Period").
The case is pending in the United States District Court for the Northern District of California, as case no. C-06-0304, before the Honorable Ronald M. Whyte. The complaint charges that TVIA and certain of its officers and directors violated Sections 10(b), 20A, and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading revenue guidance for the Company's second quarter ended September 30, 2006 for fiscal 2007 (Q2 2007), and in engaging in insider trading.
On August 7, 2006, after market close and a month into Q2 2007, the Company announced that it expected revenues for Q2 2007, to be "higher" than the prior quarter's reported revenues of over $5 million. Eight days later on August 15, 2006, the Company entered into definitive agreements with private investors to sell over $11.9 million worth of the Company's stock (the "Private Placement"). On August 29, 2006, the Company's Vice President of Worldwide Sales exercised and sold a significant portion of the Company's securities for gross proceeds over $600,000.
In the beginning of September 2006, with less than four weeks left in Q2 2007, the Company participated in an investor conference sponsored by Roth Capital Partners (the "Roth Conference"). The complaint alleges that at the Roth Conference the Company remained silent about the impending revenue implosion that would follow. Rather, as the complaint asserts, the Company continued to tout the Company's performance -- misleading investors.
On September 28, 2006, without any prior warning, the Company shocked the market when it announced that its Q2 2007 revenues would not be "higher" than $5 million as previously announced, but rather more than 90% less, or $300,000 to $400,000. As a result of these adverse disclosures, the Company's stock lost nearly 59% of its value that day on extremely heavy volume. These adverse disclosures also led to an analyst downgrade which caused further declines.
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 case is pending in the United States District Court for the Northern District of California, as case no. C-06-0304, before the Honorable Ronald M. Whyte. The complaint charges that TVIA and certain of its officers and directors violated Sections 10(b), 20A, and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading revenue guidance for the Company's second quarter ended September 30, 2006 for fiscal 2007 (Q2 2007), and in engaging in insider trading.
On August 7, 2006, after market close and a month into Q2 2007, the Company announced that it expected revenues for Q2 2007, to be "higher" than the prior quarter's reported revenues of over $5 million. Eight days later on August 15, 2006, the Company entered into definitive agreements with private investors to sell over $11.9 million worth of the Company's stock (the "Private Placement"). On August 29, 2006, the Company's Vice President of Worldwide Sales exercised and sold a significant portion of the Company's securities for gross proceeds over $600,000.
In the beginning of September 2006, with less than four weeks left in Q2 2007, the Company participated in an investor conference sponsored by Roth Capital Partners (the "Roth Conference"). The complaint alleges that at the Roth Conference the Company remained silent about the impending revenue implosion that would follow. Rather, as the complaint asserts, the Company continued to tout the Company's performance -- misleading investors.
On September 28, 2006, without any prior warning, the Company shocked the market when it announced that its Q2 2007 revenues would not be "higher" than $5 million as previously announced, but rather more than 90% less, or $300,000 to $400,000. As a result of these adverse disclosures, the Company's stock lost nearly 59% of its value that day on extremely heavy volume. These adverse disclosures also led to an analyst downgrade which caused further declines.
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.
