LOS ANGELES, March 10, 2008 (PRIME NEWSWIRE) -- Notice is hereby given that The Law Office of Jacob Sabo has filed a Class Action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the common stock of Camtek Ltd. ("Camtek" or the "Company") (Nasdaq:CAMT) between November 22, 2005, and December 20, 2006, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from The Law Office of Jacob Sabo, Tel Aviv, Israel. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (011) 972-3-6078888 or by email at sabolaw@inter.net.il.
The Complaint charges Camtek and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Camtek's business and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Camtek Ltd. engages in the design, development, manufacture and marketing of automated optical inspection systems and related products which are utilized in the printed circuit board ("PCB") and semiconductor industries to optically inspect various types of electronic product components for manufacturing defects.
The Complaint alleges that during the Class Period, defendants artificially inflated the price of Camtek shares by issuing statements touting positive trends in the PCB and semiconductors markets and the strength of Camtek's business and financial performance, but that defendants: (i) knew or recklessly disregarded and failed to disclose to the investing public that the Company lacked requisite internal controls, and (ii) misrepresented the Company's business and future prospects. Thus, the Company had no reasonable basis to make projections about its financial results, and as a result, defendants' Class Period statements concerning the Company's business and future prospects were, at minimum, reckless. The Complaint further alleges that defendants were further motivated to engage in this course of conduct in order to generate proceeds from a private placement with institutional investors in April 2006 whereby the Company garnered approximately $15 million in proceeds.
On December 21, 2006, Camtek issued a press release announcing The Company's preliminary financial results for fourth quarter 2006. The Company announced that fourth quarter revenue and earnings were expected to be lower than anticipated "due to lower revenues in the semiconductor segment." This news shocked the market, causing shares of Camtek to plummet $1.28 per share -- a more than 22% drop from the previous day's closing price of $5.77 per share -- to close on December 21, 2006, at $4.49 per share on unusually heavy volume of more than 1.4 million shares traded.
Plaintiff seeks to recover damages on behalf of Class members and is represented by The Law Office of Jacob Sabo, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than May 9, 2008, 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 Jacob Sabo, Esquire, of The Law Office of Jacob Sabo, The Tower No. 3, Daniel Frisch Street, 15th Floor, Tel Aviv, Israel 64731, by telephone at (011) 972-3-6078888 or by email at sabolaw@inter.net.il.