Shareholder Class Action Filed Against Aerosonic Corporation by the Law Firm of
Schiffrin & Barroway, LLP
BALA CYNWYD, Pa., Nov. 21 /PRNewswire/ -- The following statement was issued
today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United
States District Court for the Middle District of Florida on behalf of all
purchasers of the common stock of Aerosonic Corporation ("Aerosonic" or the
"Company") (AMEX:AIM) from May 3, 1999 through March 17, 2003, inclusive (the
"Class Period").
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
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll
free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
The Complaint alleges that Aerosonic, J. Mervyn Nabors, Eric McCracken, Michael
T. Reed, and PricewaterhouseCoopers, LLP 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.
Plaintiff seeks to recover damages on behalf of class members and is represented
by the law firm of Schiffrin & Barroway, which prosecutes class actions in both
state and federal courts throughout the country. Schiffrin & Barroway is a
driving force behind corporate governance reform, and has recovered in excess of
a billion dollars on behalf of institutional and high net worth individual
investors. For more information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit http://www.sbclasslaw.com/.
If you are a member of the class described above, you may, not later than
January 13, 2004, 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. You may retain Schiffrin & Barroway, LLP, or other counsel
of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706 or Web site: http://www.sbclasslaw.com/
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