Goodkind Labaton Rudoff & Sucharow LLP Announces Class Action Lawsuit Against Symbol Technologies, Inc.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--April 10, 2003

Goodkind Labaton Rudoff & Sucharow LLP hereby gives notice, pursuant to Section 27(a)(3)(A)(i) of the Securities Act of 1933 (the "Securities Act"), that on March 21, 2003, a class action lawsuit was filed in the United States District Court for the Eastern District of New York (the "Court") on behalf of all persons and entities that acquired securities of Symbol Technologies, Inc. (NYSE:SBL) ("Symbol") in exchange for securities of Telxon Corporation ("Telxon") on or about November 30, 2000 pursuant to the merger of Telxon and Symbol (the "Class"). Excluded from the Class are the Individual Defendants (defined below) and their affiliates.

The Defendants named in the Complaint are Symbol and nine of Symbol's current and former directors and officers: Tomo Razmilovic, Kenneth V. Jaeggi, Robert W. Korkuc, Jerome Swartz, Harvey P. Mallement, George Bugliarello, Leo A. Guthart, Charles B. Wang, and James H. Simons (collectively, the "Individual Defendants"). The docket number for the case is No. CV 03-1394. The case has been assigned to the Honorable Leonard D. Wexler, Senior United States District Judge. The Court is located at the United States Courthouse, 100 Federal Plaza, Central Islip, New York 11722.

The Complaint asserts that Defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act. Plaintiff alleges in essence that the financial statements of Symbol as of September 30, 2000, that were contained in the Registration Statement and Joint Proxy/Prospectus for the merger of Telxon and Symbol, were materially false and misleading and not in conformity with Generally Accepted Accounting Principles ("GAAP"). On April 18, 2002, Symbol disclosed that the Securities and Exchange Commission was conducting a formal inquiry into Symbol's fiscal year 2000 and 2001 financial statements. On August 13, 2002, Symbol announced that it might be required to restate its financial results for all of 2000 and 2001. Subsequently, on February 13, 2003, Symbol announced that the scope of its accounting problems was far greater than previously disclosed going back to 1999. In a press release, Symbol stated "that it may have to restate its revenue and income" for the years 1999 through 2002. In particular, Symbol indicated, among other things, that there would be a net reduction in revenue and income for fiscal years 1999 and 2000. It was reported on March 13, 2002 that Symbol would have to restate revenue and income for 1999 and 2000 by as much as $140 million a year. Plaintiff alleges that Symbol's undisclosed violations of GAAP that occurred prior to and at the time of the merger, as well as the false and misleading financial statements and other representations included in the Registration Statement, damaged Telxon securities holders who received Symbol securities in the merger.

Plaintiff seeks to recover damages and other relief on behalf of all members of the Class. Plaintiff is represented by the New York law firm of Goodkind Labaton Rudoff & Sucharow LLP, which has extensive experience prosecuting class actions on behalf of aggrieved investors.

ANY MEMBER OF THE PROPOSED CLASS MAY MOVE THE COURT TO SERVE AS LEAD PLAINTIFF NO LATER THAN JUNE 9, 2003. IN ORDER TO SERVE AS LEAD PLAINTIFF, HOWEVER, YOU MUST MEET CERTAIN LEGAL REQUIREMENTS. These legal requirements include, among other things, (1) filing a motion for the lead plaintiff position in response to this notice, and (2) having the largest financial interest in the relief sought by the Class as determined by the Court. However, the situation may arise where the person or entity with the largest financial interest in the relief sought by the Class is not otherwise qualified to act as lead plaintiff, and therefore the lead plaintiff may not necessarily have the largest financial interest in the relief sought by the Class.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, and/or if you would like a copy of the Complaint, you may, but are not required to, contact:

Louis Gottlieb, Esq. ([e-mail])
David J. Goldsmith, Esq. ([e-mail])
GOODKIND LABATON RUDOFF & SUCHAROW LLP
100 Park Avenue
New York, New York 10017-5563
[phone]

You can also learn about us and view a copy of the Complaint by visiting our firm's website at http://www.glrslaw.com.