Cauley & Geller, LLP Files Class Action Suit Against Southwall Technologies Inc. and Its Officers and Directors Alleging Misrepresentations.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 8, 2000 Cauley & Geller today announced that a class action has been commenced in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa on behalf of purchasers of Southwall Technologies Inc. ("Southwall") (Nasdaq:SWTXE) publicly traded securities during the period between April 26, 2000 and August 1, 2000 (the "Class Period"). The complaint charges Southwall and certain of its officers and directors with violations of the Securities Exchange act of 1934. Southwall designs and produces thin film coatings that selectively absorb, reflect or transmit electromagnetic radiation electromagnetic radiation, energy radiated in the form of a wave as a result of the motion of electric charges. A moving charge gives rise to a magnetic field, and if the motion is changing (accelerated), then the magnetic field varies and in turn produces an . The Company's products are sold to the architectural, automotive and electronics markets. On 8/1/00, Southwall announced that the Company will restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its first quarter 2000 financial statements as a result of accounting misstatements that will require "revisions in the value of inventory, particularly work in process, based on recording errors that affected the book value of raw materials and work in process, as well as errors in the application of cost standards to the work in process." Although the Company has not quantified the impact of this restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. , it believes its revised financial results will show a material net loss for the first quarter compared to a previously reported net income of $0.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. In addition, the Company is reviewing whether these accounting issues had any impact on its 1999 financial statements. On these shocking disclosures, trading in Southwall stock was halted, after last trading at $6-1/2 on 8/1/00. Cauley & Geller, LLP LLP - Lower Layer Protocol has substantial experience representing investors in securities fraud class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax such as this. The firm has offices in California, Florida and Arkansas but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by October 3, 2000. You are encouraged to call or e-mail the Firm or visit the Firm's Web site at www.classlawyer.com. |
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