Berman, DeValerio & Pease Pursues Securities Class Action Against Acrodyne Communications.Business Editors & Legal Writers BOSTON--(BUSINESS WIRE)--Sept. 19, 2000 Berman, DeValerio & Pease LLP LLP - Lower Layer Protocol (www.bermanesq.com), a law firm that prosecuted securities class actions for nearly two decades, today said it was pursuing a lawsuit against Acrodyne Communications, Inc. (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 : ACRO acro Acronym ACRO Australian Creative Resources Online ACRO Association of Clinical Research Organizations ACRO American College of Radiation Oncology ACRO Aircraft Crashes Record Office (Geneva, Switzerland) acro acrolein ). The lawsuit, which has been filed in the United States District Court for the District of Maryland The United States District Court for the District of Maryland is the Federal district court whose jurisdiction is the state of Maryland. Notable judges in this district include William Paca, a signer of the United States Declaration of Independence. , charges Acrodyne of violating federal securities laws and seeks damages on behalf of all investors who purchased Acrodyne common stock between May 18, 1999 and August 14, 2000 (the "Class Period"). Investors who want to be lead plaintiff in the case must notify the court by October 16, 2000. The complaint claims that Acrodyne improperly overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o its inventory and gross profits during the Class Period, causing the company to restate its financial results for the year 1999 and the first quarter of 2000, and to delay filing its Form 10-Q Form 10-Q See 10-Q. for the second quarter of 2000. In a news release issued August 29, the company said a comprehensive review of its financial statements was taking longer than expected, and would be issued by September 18. It also said it was appealing Nasdaq's decision to "delist" Acrodyne stock as a result of the company's delay in filing its Form 10-Q for the quarter ended June 30, 2000. On August 14, Acrodyne share prices fell approximately 37% after the company announced it would defer its second-quarter 10-Q filing, and restate its financial results for 1999 and the first quarter of 2000. At that time, Acrodyne said it would engage an independent accounting firm to review inventory balances and related activity to determine the extent of any amendment and restatement. Nasdaq suspended trading Suspended trading Temporary halt in trading in a particular security, in advance of a major news announcement or to correct an imbalance of orders to buy and sell. suspended trading The temporary suspension of trading in a security. that same day; as of the date of this release, trading has not resumed. If you purchased Acrodyne common stock during the Class Period and suffered a loss on your investment, you may wish to contact the following attorneys at Berman, DeValerio & Pease to discuss your rights and interests: Patrick T. Egan, Esq. Michael Lange Michael Lange is an American television director. Lange's best known directorial work has been on the television series The O.C., Beverly Hills, 90210, The Larry Sanders Show, Northern Exposure, Eureka, The Pretender, , Esq. Berman, DeValerio & Pease LLP One Liberty Square Boston, MA 02109 bdplaw@bermanesq.com 800-516-9926 You can also visit us at our website at www.bermanesq.com. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than October 16, 2000. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman, DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman, DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for defrauded investors during that time. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions and has been singled out for its excellence by many courts. |
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