Cauley Geller Announces Class Action Lawsuit Against Aerosonic Corporation On
Behalf of Investors
NEW YORK, Nov. 21 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman &
Rudman, LLP announced today that a class action lawsuit has been filed in the
United States District Court for the Middle District of Florida on behalf of
purchasers of Aerosonic Corporation ("Aerosonic" or the "Company") publicly
traded securities during the period between May 3, 1999 and March 17, 2003
inclusive (the "Class Period"). A copy of the complaint filed in this action is
available from the Court, or can be viewed on the firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=201&pcode=10&pp=4 .
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by
issuing a series of material misrepresentations to the market between May 3,
1999 and March 17, 2003, thereby artificially inflating the price of Aerosonic
common stock. The Complaint alleges that, throughout the Class Period,
defendants issued numerous statements and filed quarterly and annual reports
with the SEC which described the Company's financial performance. As alleged in
the complaint, these statements were materially false and misleading because
they failed to disclose and/or misrepresented the following adverse facts, among
others: (i) that the Company had materially falsified its inventory records and
improperly recognized revenues; (ii) that the Company's financial returns were
in violation of Generally Accepted Accounting Procedures ("GAAP"); (iii) that
the Company lacked adequate internal controls and was therefore unable to
ascertain the true financial condition of the Company; and (iv) that as a
result, the value of the Company's net income and financial results was
materially overstated at all relevant times.
On March 17, 2003, Aerosonic announced that it had discovered what appeared to
be certain discrepancies which pertain to previously reported financial
information concerning inventory accounting and revenue recognition. The market
reacted swiftly to this news, with the Company's stock falling 24%, or $3.32 per
share from a high of $13.32 per share on March 17, 2003 to close at $10.10 per
share on March 18, 2003.
If you bought Aerosonic publicly traded securities between May 3, 1999 and March
17, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the
Court no later than January 13, 2004. If you are a member of this class, you
can join this class action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the
purported class may move the Court to serve as lead plaintiff through Cauley
Geller or other counsel of their choice, or may choose to do nothing and remain
an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in
class action and corporate governance litigation. It is one of the country's
premiere firms in the area of securities fraud, with in-house finance and
forensic accounting specialists and extensive trial experience. Since its
founding, Cauley Geller has recovered in excess of two billion dollars on behalf
of aggrieved shareholders. The firm maintains offices in Boca Raton, Little
Rock and New York.
If you have any questions about how you may be able to recover for your losses,
or if you would like to consider serving as one of the lead plaintiffs in this
lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/ .
Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
Jackie Addison or Heather Gann
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
Fax: 1-501-312-8505
E-mail: DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/ http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 http://www.cauleygeller.com/show_case.asp?ccode=201&pcode=10&pp=4
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