NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Western District of New York on behalf of purchasers of the securities of Hardinge, Inc. ("Hardinge" or the "Company") (Nasdaq:HDNG) during the period between February 22, 2007 and February 21, 2008, inclusive (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Hardinge common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 29, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that defendants misled or failed to inform the investing public with regard to the fact that orders and sales were slowing, thus causing Hardinge's inventory of outdated machinery to grow and causing an undisclosed impairment in the value of inventory. The complaint further alleges that this undisclosed information materially inflated the financial results of the Company and demonstrated that the Company lacked adequate internal controls. According to the complaint, after the Company announced on February 21, 2008, that in the fourth quarter of the fiscal year ending December 31, 2007, Hardinge experienced a combination of prior period accounting adjustments and the negative impact of operational initiatives to reduce inventory which contributed to an unexpected loss in the fourth quarter of 2007 and that the Company planned to lower inventory by $20 million and to discount inventory of older product lines, the value of Hardinge's shares declined significantly.