Purchasers 10/20/98 - 12/10/98
Before trading opened on Friday, December 11, 1998, Telxon announced that it would restate its second quarter financial results, eliminating approximately $14 million in second quarter revenue, resulting in a loss of $.05 per share for the quarter, instead of the previously reported earnings of $.22 per share. The restatement was precipitated by the return of inventory from distributors after Telxon improperly recognized revenue from the purported 'sale' of the inventory, when no such sale had occurred. Upon receipt of news of the restatement, Telxon's stock fell from its December 10, 1998 close of 27-1/4 to a December 11, 1998 close of 15, losing 45% of its value in a single day's trading.
If you purchased TLXN shares during the period 10/20/98 - 12/10/98, you may be a member of a class of injured shareholders. If you have information which would help us prosecute Telxon Corporation, please contact us at mail@schubert-reed.com. If you want more information about Telxon or class action lawsuits, please review our web site at schubert-reed.com. |
