Chitwood & Harley LLP Files Class Action Complaint Charging KVH Industries, Inc. And Certain Of Its Officers And Directors With Securities Fraud.

ATLANTA -- Chitwood & Harley LLP announces that it has filed a securities fraud class action complaint in the United States District Court for the District of Rhode Island against KVH Industries, Inc. ("KVH" or the "Company") (NYSE: KVHI-news), Martin A. Kits van Heyningen and Patrick J. Spratt on behalf of purchasers of KVH securities, during the period between January 6, 2004 and July 2, 2004, inclusive (the "Class Period"). A copy of the complaint is available from the court and will be posted on our website, www.classlaw.com, for the next two months.

If you have questions about this case or wish to inquire about your rights in connection with this matter, you may contact us through our website, www.classlaw.com, by clicking on KVH Industries, or by emailing or calling Nichole Browning Adams, Esq. at [e-mail] or 1-888-873-3999, ext. 4873, who will, without obligation or cost, attempt to answer questions concerning this matter. You may also submit questions or transaction information to Chitwood & Harley online through our website, www.classlaw.com.

The complaint charges KVH, Martin A. Kits van Heyningen and Patrick J. Spratt with violations of the Securities Exchange Act of 1934. The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding KVH's increasing financial results and the strong demand for its newly developed TracVision A5 and G8 satellite TV systems (the "TracVision system"). As alleged in the complaint, these statements were materially false and misleading because they failed to disclose, among other things: (a) that defendants had "stuffed" the retail channels with overpriced TracVision systems; (b) that the Company's revenues were not growing by millions of dollars per quarter and the purported growth trends in the Company's revenues could not be sustained; and (c) that KVH had not realized any material cost reduction in the manufacture of its TracVision systems and would be forced to write-down its inventory of manufactured goods by millions of dollars. The complaint further alleges that defendants failed to disclose these adverse facts in order to complete a public offering of KVH common stock, raising more than $51.5 million in much needed capital.

On or about July 6, 2004, before the market opened for trading, KVH stunned the investing public by announcing that it was slashing the retail price of its TracVision systems by more than 34% and taking a multimillion dollar write down of vendor purchase commitments and on-hand inventories to reflect the true value of KVH's TracVision systems sales. In pre-opening market trading, KVH common stock declined more than 19%, to open at $9.51 per share on July 6, 2004, a 49% decline from the public offering price just 4 months prior.

Any member of the class who desires to be appointed lead plaintiff in the class action must file a motion with the Court no later than September 20, 2004 on their own or through counsel of their own choice. Class members must meet certain legal requirements to serve as a lead plaintiff. You may also choose to do nothing and remain an absent class member.

Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in one of the highest recoveries ever in a private securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel...have performed at exceptionally high levels, and all parties have been exceedingly well represented."