REPEAT/Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against PRI Automation, Inc.Business Editors/Legal Writers REPEATING... PHILADELPHIA--(BUSINESS WIRE)--Nov. 25, 2000 The law firm of Spector, Roseman & Kodroff, P.C. announces that 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 has been commenced in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. against defendants PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. Automation, Inc. ("PRI" 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 :PRIA PRIA Public Relations Institute of Australia PRIA Property Records Industry Association PRIA Põllumajanduse Registrite Ja Informatsiooni Amet (Estonian) PRIA Protecting the Rights of Individuals Act PRIA Private Attributes - news), Amram Rasiel, Mitchell G. Tyson, and Mordechai Wiesler, on behalf of purchasers of the common stock of PRI between January 27, 2000 and September 11, 200, inclusive (the "Class Period"). The action seeks damages for violations of 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. thereunder. The complaint alleges that PRI promoted itself as a leading supplier of factory automation systems for semiconductor manufacturers. Throughout the Class Period, defendants represented that the Company was ramping up production of its state-of-the-art Turbostocker XT. Defendants also repeatedly claimed that PRI was "well positioned" to meet the surging demand for factory automation systems and that PRI had an edge over its competitors due to its "technological leadership" and "specialized manufacturing skills." The complaint alleges that, as result of these misrepresentations, PRI's share price increased, from $75.43 at the commencement of the Class Period to a Class Period high closing price of $89.56 on March 9, 2000. Company insiders took advantage of the artificial inflation of the Company's stock price; between March 1 to March 15, 2000, when as a result of defendants' misrepresentations, PRI stock was trading at or near the Class Period high, insiders sold 36,600 PRI shares for proceeds of $3,214,800. In addition, prior to the disclosure of the adverse facts, PRI completed a public offering of 1,705,000 shares netting proceeds of approximately $85.1 million for the Company and $18.5 million PRI insiders. The complaint alleges that, unbeknownst to investors, PRI was experiencing significant and material manufacturing problems and that therefore, PRI was not "well positioned" to take advantage of the surging demand for automation systems. Further information emerged on September 11, 2000 when, after the close of trading, defendants disclosed in a conference call with analysts, and in a press release that it was having "manufacturability, capacity and supply chain problems" in its Factory Systems Division relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the new Turbostocker XT, which had been scheduled to transition into high volume production during the quarter. Defendants warned that, as a result of these problems, they expected PRI's net income for the quarter to be breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations , not counting one-time special charges, down from net income of $9.8 million, or $0.38 per share in the third quarter. On news of PRI's earnings warning, the Company's shares fell 39% in a single day, from a closing price of $42.68 on September 11, 2000 to a closing price of $25.87 on September 12, 2000, making PRI one the day's five biggest NASDAQ losers. If you purchased the common stock of PRI between January 27, 2000 and September 11, 2000, you may, no later than January 19, 2001, move the court to serve as lead plaintiff of the class, if you choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. 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 the claims 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 Spector, Roseman & Kodroff, P.C., or other counsel of your choice, to serve as your counsel in this action. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@spectorandroseman.com. For more detailed information about the firm please visit our website at http://www.spectorandroseman.com. Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , concentrates its practice in complex litigation including actions dealing with securities laws, antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. , contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies. SOURCE: SPECTOR ROSEMAN & KODROFF |
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