Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Silicon Storage Technology, Inc.
2005年1月22日 - 2:27AM
PRニュース・ワイアー (英語)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Silicon Storage Technology, Inc. HARTFORD, Conn., Jan. 21
/PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has
significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the
Northern District of California on behalf of all persons who
purchased the publicly traded securities of Silicon Storage
Technology, Inc. (NasdaqNM: SSTI) ("Silicon Storage") between March
30, 2004 and December 20, 2004 (the "Class Period"). The Complaint
alleges that Silicon Storage violated federal securities laws by
issuing false or misleading public statements. Specifically, the
Complaint alleges that Silicon Storage concealed the following
facts: that its sales and margins were being materially impacted by
Macronix and Intel's actively lowering their average selling
prices; that Silicon Storage was not on track to achieve its
profitability projections; and that its gross margin projections
were overstated. On December 20, 2004, Silicon Storage issued a
press release announcing that "its revenue in the fourth quarter is
expected to be between $102 and $108 million versus previous
guidance of $120 to $130 million. Due to current market conditions,
the company expects to record an inventory charge of between $20
and $25 million for excess inventory and to write certain products
down to their current estimated market values." On this news,
Silicon Storage shares fell from a close of $7.01 per share on
December 20, 2004, to close at $5.99 per share on December 21, 2004
on unusually high trading volume. If you are a member of the class,
you may, no later than March 22, 2005, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff is a
class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s). For more information about the case, its claims, and
your rights, please contact Schatz & Nobel toll-free at (800)
797-5499, or by e-mail at . To view a copy of the lawsuit
initiating the class action, or for more information about class
action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton Tel.: (800)
797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz
& Nobel, P.C. CONTACT: Wayne T. Boulton of Schatz & Nobel,
+1-800-797-5499, Web site: http://www.snlaw.net/
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