I was wondering when these no life scumbags were going to reappear. Looks like their knuckles weren't wrapped hard enough last time for their spurious, harassing, extortive behaviour, IMHO, of course.
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NEW YORK, Nov 20, 2000 (BUSINESS WIRE) -- The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on November 20, 2000, on behalf of purchasers of the securities of PRI Automation, Inc. ("PRI" or the "Company") (NASDAQ:PRIA) between January 27, 2000 and September 11, 2000 inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at:
www.milberg.com/pria
The action, numbered 00-12398, is pending in the United States District Court, District of Massachusetts against defendants PRI, Amram Rasiel, Mitchell G. Tyson, and Mordechai Wiesler. The Honorable Robert E. Keeton is the Judge presiding over the case.
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. The truth emerged on September 11, 2000 when, after the close of trading, defendants disclosed in a conference call with analysts, and an announcement over the PR Newswire, that it was having "manufacturability, capacity and supply chain problems" in its Factory Systems Division relating to 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, 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 bought the securities of PRI between January 27, 2000 and September 11, 2000, you may, no later than January 19, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the 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 Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP www.milberg.com is a 145-scumbag firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton and Seattle and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss
website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: |
