Monday July 27, 2:26 pm Eastern Time
Company Press Release
Notice of Pendency of Class Action Against Saf T Lok Inc. and Others
NEW YORK--(BUSINESS WIRE)--July 27, 1998--Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on July 24, 1998 in the United States District Court for the Southern District of Florida on behalf of purchasers of the common stock of Saf T Lok Inc. (NASDAQ: LOCK - news; ''Saf T Lok'' or the ''Company'') during the period May 26, 1998 through June 11, 1998 (the ''Class Period'') and were damaged thereby.
If you wish to discuss this action please contact Wolf Haldenstein Adler Freeman & Herz LLP (Michael Miske or Neil L. Zola Esq.) at 800/575-0735 or Goodkind Labaton Rudoff & Sucharow LLP (Emily C. Komlossy Esq.) at 954/630-1000.
The complaint charges Saf T Lok and certain officers and directors of the Company during the Class Period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for misrepresenting material information concerning Saf T Lok's financial condition, including the efficacy of a product development agreement announced on May 26, 1998 with Semiconductor Laser International Corp. (Nasdaq:SLIC - news; ''SLIC'') to produce a laser enhanced fingerprint recognition gun locking mechanism (the ''SLIC Development Agreement'').
Because of the issuance of a series of false and misleading statements and omissions concerning Saf T Lok's business and true financial condition, Saf T Lok's common stock was artificially inflated during the Class period.
Plaintiff alleges in his Complaint that defendants knew the statements regarding the SLIC Development Agreement to be false when they were made and that the agreement with SLIC could not be followed through on. Plaintiff alleges that SLIC had no experience with fingerprint recognition and did not have the capability to actually carry out the proposed development of this technology.
Plaintiff further alleges that, as defendant Franklin W. Brooks would later tell the public, defendant John L. Gardner (''Gardner'') was never authorized to enter into the agreement in the first place.
On June 11, 1998 the Company stunned the investment community by announcing that it had terminated the Company's President and CEO, defendant Gardner's employment immediately and had canceled the SLIC Development Agreement.
On the release of this devastating news of the sudden about-face regarding the SLIC Development Agreement, the Company's stock, which was as high as $5 1/16 on June 10, 1998, fell to as low as $2 1/4 per share by June 12, 1998. The stock continues to trade in the $2 to $3 range.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP and the law firm of Goodkind Labaton Rudoff & Sucharow LLP. The Wolf Haldenstein firm has a full service commercial practice consisting of more than 35 attorneys based in New York City and San Diego.
The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation.
The firm's qualifications have repeatedly received very favorable judicial recognition. Additionally, the firm has achieved recoveries of over one billion dollars for defrauded investors and shareholders.
If you are a member of the class described above, you may, not later than sixty days from today, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, N.Y. 10016, by telephone at 800/575-0735 (Michael Miske or Neil L. Zola Esq.) or via e-mail at classmember@whafh.com or Goodkind Labaton Rudoff & Sucharow LLP at International Building, Suite 813, 2455 East Sunrise Boulevard, Ft. Lauderdale, Fla. 33304 and by telephone at 954/630-1000 (Emily C. Komlossy Esq.)
All e-mail correspondence should make reference to Saf T Lok.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Michael Miske or Neil L. Zola Esq.
800/575-0735 e-mail: classmember@whafh.com
or
Goodkind Labaton Rudoff & Sucharow LLP
Emily C. Komlossy Esq.
954/630-1000 |
