LITTLE ROCK, Ark., May 9, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Northern District of Ohio on behalf of purchasers of Keithley Instruments, Inc.. (NYSE:KEI) ("Keithley Instruments" or the "Company") common stock between January 18, 2001 and March 9, 2001, inclusive (the "Class Period").
The complaint charges Keithley instruments and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition. Specifically, the complaint alleges that on January 18, 2001, defendants reported record revenue for the 1st quarter 2001, the three months ended December 31, 2000, touting Keithley's eight consecutive quarter of record pre-tax earnings and sixth consecutive quarter of record sales. Defendants further stated that their "record backlog" and current business will lead to 2nd quarter pre-tax earnings in excess of those reported in the 1st quarter. Defendants repeated these positive statements concerning the in-progress fiscal 2nd quarter of 2001 on February 13, 2001 in a press release and on February 14, 2001, in Keithley's SEC Form 10-Q. The complaint further alleges that defendants failed to disclose the Keithley was suffering from reduced new equipment orders, delays in scheduled deliveries, and with respect to semiconductor customers, canceled orders, all of which would lead to reduced sales and earnings in the second quarter of 2001.
On March 12, 2001, before the market opened, defendants issued a press release disclosing that 2nd fiscal quarter 2001 sales and earnings would be below the levels of the 1st fiscal quarter of 2001. As a result of this announcement, the price of Keithley stock fell from a closing price of $20.76 on March 9, 2001 to a closing price of $14.95 on March 12, 2001.
If you bought the common stock of Keithley between January 18, 2001 and March 9, 2001, inclusive, you may, no later than May 25, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. 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 are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca