Lovell Stewart Halebian LLP Announces Securities Fraud Class Action against Silicon Image, Inc., Officers and Directors.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The law firm of Lovell Stewart Halebian LLP LLP - Lower Layer Protocol filed a class action lawsuit 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 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 January 31, 2005 on behalf of all persons who purchased, converted, exchanged, or otherwise acquired the common stock of Silicon Image, Inc. ("Silicon Image" or the "Company") (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 : SIMG SIMG Societa' Italiana Di Medicina Generale ) between October 19, 2004 and January 24, 2005, inclusive, (the "Class Period") against defendants Silicon Image and certain officers and directors of the Company. The action, Curry v. Silicon Image, Inc., et. al. is pending in the U.S. District Court for the Northern District of California, Docket A written list of judicial proceedings set down for trial in a court. To enter the dates of judicial proceedings scheduled for trial in a book kept by a court. No. 05-00456 and has been assigned to the Hon. Maxine M. Chesney, U.S. District Judge. The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. by the Securities and Exchange Commission ("SEC") thereunder, thereby artificially inflating the price of Silicon Image securities. Generally, the Complaint alleges that the Company gave fourth quarter guidance on October 19, 2004 and has since undergone a time of undisclosed executive uncertainty, and distractions which were not disclosed while insiders sold Company stock. Plaintiffs allege To state, recite, assert, or charge the existence of particular facts in a Pleading or an indictment; to make an allegation. allege v. that, on November 11, 2004, the Company appointed Steven Laub as Chief Executive Officer and President; that the Company failed to disclose material adverse facts, including fundamental disputes between Steven Laub and others at Silicon Image regarding Mr. Laub's relative role and responsibility which resulted in substantial distractions from achieving guidance; that 281,742 shares were sold by insiders at Silicon Image who were in a position to know of the material adverse information of the fundamental disputes and resulting distractions; and that the SEC commenced a formal investigation into trading in Silicon Image shares on January 25, 2005. The Complaint further alleges as follows. On January 25, 2005, the Company issued two press releases. One release, entitled "Silicon Image Announces Appointment of Steve Tirado as Chief Executive Officer Replacing Steven Laub," announced the resignation of its Chief Executive Officer and President, Steven Laub, and appointment of Christopher Paisley as the Company's new Chairman of the Board of Directors. The second press release, entitled "Silicon Image Reports Fourth Quarter 2004 Financials," stated that the Company's revenue in the fourth quarter decreased by 4% in comparison to the third quarter. The price of the Company stock has declined by 15% since January 24, 2005. If you purchased, converted, exchanged, or otherwise acquired Silicon Image common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by April 1, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical 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. You may retain Lovell Stewart Halebian LLP, or other counsel of your choice, to serve as your counsel in this action. Investors, who acquired Silicon Image, Inc. common stock during the period October 19, 2004 through January 24, 2005 inclusive, may contact Lovell Stewart Halebian LLP at the telephone number or Email address See Internet address. below for more information regarding the class action lawsuit. Investors can also visit Lovell Stewart Halebian's website at www.lshllp.com to view a copy of the complaint. Lovell Stewart Halebian LLP has represented investors in numerous financial class actions and obtained the largest class action recoveries under three separate federal statutes. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion