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Wednesday June 13, 6:33 pm Eastern Time
Press Release
SOURCE: Berman DeValerio & Pease
Correction -- Berman DeValerio & Pease
In NEW023, Robotic Vision Systems, Inc. Accused of Defrauding Investors in Shareholder Class Action Brought by Berman DeValerio & Pease, moved earlier today, we are advised by the company that the fifth paragraph, second sentence should read "...Robotic Systems said that the restatement would reduce revenue for the year to an estimated $223.5 million, or 1.9% less than had been reported previously, and shrink net income to $10.9 million, or 10.6% less than had been reported previously" rather than "...reduce revenue for the year by an estimated $223.5 million, or 1.9%, and shrink net income by $10.9 million, or 10.6%" as originally issued. Complete, corrected release follows:
Robotic Vision Systems, Inc. Accused of Defrauding Investors in Shareholder Class Action Brought by Berman DeValerio & Pease
BOSTON, June 13 /PRNewswire/ -- Shareholders are pursuing a federal class action charging Robotic Vision Systems Inc. (Nasdaq: ROBV - news) and two of its top officers and directors with securities fraud, the law firm of Berman DeValerio & Pease said today.
The lawsuit was filed on May 23, 2001 in the United States District Court for the District of Massachusetts and is filed as Civil Action No. 01-10876 (RGS). The case is pending before the Hon. Richard G. Stearns. It seeks damages for violations of federal securities laws on behalf of all investors who bought Robotic Vision Systems, Inc. (``Robotic Systems'') common stock from January 27, 2000 through May 15, 2001 (the ``Class Period'').
Berman DeValerio & Pease has represented investors in class actions for nearly two decades. To review the complaint and learn more about becoming a lead plaintiff, visit our Website at www.bermanesq.com.
The complaint accuses Robotic Systems of making false and misleading statements in its news releases and public filings with the Securities and Exchange Commission about its revenues and net income for the fiscal year ended September 30, 2000. In news releases issued during the Class Period, Robotic Systems touted its sequential growth in revenues for the first three quarters of fiscal year 2000 and a turnaround in which it posted net income in each quarter compared with quarterly losses for the corresponding periods in fiscal year 1999. In the third quarter of fiscal 2000, the company attributed its quarterly growth in part to its Acuity CiMatrix division.
On May 15, 2001, however, Robotic Systems announced that it would restate its financial results for the fiscal year ended September 30, 2000 and for the three month period ended December 31, 2000 to correct ``accounting errors'' tied to revenue recognition at Acuity CiMatrix. At the time of the announcement, Robotic Systems said that the restatement would reduce revenue for the year to an estimated $223.5 million, or 1.9% less than had been reported previously, and shrink net income to $10.9 million, or 10.6% less than had been reported previously. In response to the announcement, Robotic Systems' stock price dropped approximately 15% in one day on heavy trading volume.
If you purchased Robotic Systems common stock during the period of January 27, 2000 through May 15, 2001, you may wish to contact the following attorneys at Berman DeValerio & Pease to discuss your rights and interests:
Alicia M. Duff, Esq.
Michael G. Lange, Esq.
Jeffrey C. Block, Esq.
Berman DeValerio & Pease LLP
One Liberty Square
Boston, MA 02109
bdplaw@bermanesq.com
(800) 516-9926
You may also visit us at our website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than August 6, 2001. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
With offices in Boston and San Francisco, Berman DeValerio & Pease has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits involving violations of federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case.
SOURCE: Berman DeValerio & Pease
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