Berger & Montague, P.C. Files Class Action Lawsuit Against Acrodyne Communications, Inc.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--Sept. 8, 2000 The law firm of Berger & Montague, P.C. (http://home.bm.net), filed a class action on September 1, 2000 in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons or entities who purchased Acrodyne Communications Inc. (Nasdaq: ACROE - news) common stock during the period May 18, 1999 through and including August 14, 2000. The complaint alleges that Acrodyne and certain of its current and former officers violated the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. In particular, the Complaint claims that Acrodyne improperly overstated its inventory and gross profits during the Class Period, which will require the Company to amend and restate its 1999 year-end results and its results for first quarter ended March 31, 2000. On August 14, 2000, the Company issued a press release announcing that it would delay the filing the Company's Form 10-Q for the quarter ended June 30, 2000. The Company also disclosed that it planned to amend and restate its financial results for 1999 and the first quarter of 2000, and that it would engage an independent accounting firm for the purpose of conducting a full review of the inventory balances and related activity to determine the extent of any amendment and restatement. As a result of these revelations, Acrodyne's stock price tumbled approximately 37% on August 14, 2000, until Nasdaq halted trading. As of the date of this release, trading has not resumed. If you purchased Acrodyne Communications, Inc. common stock during the period of May 18, 1999 through and including August 14, 2000 you may, not later than October 16, 2000, move to be appointed lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery, is not, however, affected by the decision whether or not to serve as a lead plaintiff. The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries in excess of two billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Waste Management, Inc., Sunbeam, Alcatel, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example: "Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action civil action n. any lawsuit relating to civil matters and not criminal prosecution. (See: lawsuit) No. 98- 4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000). "...(Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases ... in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here... I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million). If you purchased Acrodyne Communications, Inc. common stock, or have any questions concerning this notice or your rights with respect to this matter, you may contact: Sherrie R. Savett, Esquire Arthur Stock, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://home.bm.net E-Mail: InvestorProtect@bm.net |
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