Ann D. White Law Offices, P.C. Announces Class Action Lawsuit Against Pixelplus Co., Ltd.JENKINTOWN, Pa. -- Ann D. White Law Offices, P.C., announces that a Class Action has been filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , on behalf of persons who purchased the securities of Pixelplus Co., Ltd. ("Pixelplus") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PXPL) between December 21, 2005 and April 11, 2006, inclusive, against Pixelplus and certain of its officers. The action concerns allegations that defendants inflated Pixelplus' revenues by recording as revenues sales to a subsidiary. These sales were improper
adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. failed to consolidate the financial results of this subsidiary in the financial results included in the Prospectus for its Initial Public Offering at $8 per share on December 21, 2005 and those announced on February 1, 2006. It also revealed that recognition of these receivables was improper due to collectibility "uncertainties". The effect of these revelations was to drive Pixelplus stock down by 37% on April 12 to $4.58 per share. If you are a member of the class, you may move the Court, through counsel of your choice, no later than June 16, 2006 to serve as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Ann D. White Law Offices, P.C. or other counsel of your choice. However, if you choose to remain an absent class member, unless and until a class is certified See certification. , you are not represented by counsel. Our firm's attorneys have considerable experience in securities litigation. If you are a member of the Class and you have any questions about the lawsuit or how to participate and recover your losses, please contact Ann D. White, Mandy Roth or Ronald Lopit. |
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