| Company: | Viisage Technology, Inc. |
| Ticker Symbol: | NASD: VISG |
| Class Period: | October 25, 2004 to March 2, 2005 |
| Date Filed: | Mar-10-05 |
| Lead Plaintiff Deadline: | May-09-05 |
| Court: | District, MA |
| Allegations: |
A class action securities fraud suit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of the securities of Viisage Technology, Inc. ("Viisage" or the "Company") (NASDAQ: VISG) between October 25, 2004 and March 2, 2005, inclusive (the "Class Period") seeking damages under the Securities Exchange Act of 1934 (the "Exchange Act"). The named defendants are Viisage; its CEO, Bernard Bailey; its CFO, William K. Aulet; and its Chairman of the Board, Denis K. Berube.
The Complaint alleges, in part, that Viisage manipulated its third quarter financial statements to artificially show a profit for the quarter by prematurely recognizing certain revenue and deferring certain expenses. On February 27, 2005, Viisage shocked investors with the news of numerous fourth quarter charges and a significant asset impairment, all of which returned Viisage to substantial unprofitability. This news caused Viisage stock to drop over 20% on heavy trading. On March 2, 2005, defendants again surprised the market by announcing a "material weakness" in its internal financial controls, and that "management will be unable to conclude that the Company's internal controls over financial reporting are effective as of December 31, 2004." Shares of Viisage stock dropped another 20% on March 3, 2005.
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, in part, that Viisage manipulated its third quarter financial statements to artificially show a profit for the quarter by prematurely recognizing certain revenue and deferring certain expenses. On February 27, 2005, Viisage shocked investors with the news of numerous fourth quarter charges and a significant asset impairment, all of which returned Viisage to substantial unprofitability. This news caused Viisage stock to drop over 20% on heavy trading. On March 2, 2005, defendants again surprised the market by announcing a "material weakness" in its internal financial controls, and that "management will be unable to conclude that the Company's internal controls over financial reporting are effective as of December 31, 2004." Shares of Viisage stock dropped another 20% on March 3, 2005.
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 you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
