BOCA RATON, Fla., April 6, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Central District of California on behalf of all individuals and institutional investors that purchased the publicly traded securities of California Amplifier, Inc. ("California Amplifier" or the "Company") (Nasdaq:CAMP) between April 7, 2000 and March 28, 2001, inclusive (the "Class Period").
The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's financial condition, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. On March 29, 2001, California Amplifier announced that it will restate its fiscal 2000 financial statements because of accounting misstatements. The press release issued in connection with the announcement stated, in part: "California Amplifier Inc. today announced that during preparation for the Company's fiscal year 2001 audit examination, the Company's corporate controller abruptly resigned and advised by letter that in fiscal year 2000 he made certain adjustments to the Company's accounting records that caused a reduction in recorded expenses which may have resulted in overstating net income for the fiscal year ended February 26, 2000 by as much as $2.2 million, or $.18 per basic share. The Company is actively investigating the circumstances reported by the controller but has not yet been able to interview the controller fully and, as a result, is unable at this time to reach any definitive conclusions as to the exact expenses or fiscal year 2000 quarters that are affected by this alleged overstatement. Due to these developments, the previously scheduled release of earnings for the fourth quarter and the fiscal year ended March 3, 2001 on April 19, 2001 will be postponed to a future date to be announced. If the investigation ultimately confirms an overstatement of income in fiscal year 2000, the Company will be required to restate its fiscal year 2000 consolidated financial statements." On this news, trading in California Amplifier shares was halted at $5.03 -- or more than 90% lower than the Class Period high of $59.25
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. 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 must meet certain requirements and take appropriate action by May 29, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca.