NEW YORK, June 26, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of Massachusetts on behalf of all purchasers of Robotic Vision Systems, Inc. ("Robotic Systems" or the "Company") (Nasdaq:ROBV) securities between Jan. 27, 2000, and May 15, 2001, inclusive (the "Class Period").
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges, among other things, that the defendants reported materially false and misleading financial results for the fiscal year 2000 in violation of Generally Accepted Accounting Principles ("GAAP"). As a result of defendants' fraudulent conduct and misleading statements, the price of Robotic Systems' common stock was artificially inflated throughout the Class Period. On May 15, 2001, however, the Company shocked the market when it announced that it would restate its financial results for the fiscal year ended Sept. 30, 2000, and for the three-month period ended Dec. 31, 2000, to correct certain accounting errors involving the recognition of revenue at its Acuity CiMatrix division. In response, the stock price of Robotic Systems plummeted approximately 15% in one day on heavy trading volume.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Robotic Systems securities between Jan. 27, 2000, and May 15, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you purchased Robotic Systems securities during the Class Period, you may, not later than August 6, 2001, 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, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail (FaruqiLawAV@aol.com)
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.