NEW YORK, Oct. 23, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of Massachusetts on behalf of all purchasers of Teradyne, Inc. ("Teradyne" or the "Company") (NYSE:TER) common stock between July 14, 2000 and October 17, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's Website at www.faruqilaw.com.
The complaint charges defendants and certain of its executive officers with violations of the federal securities laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Among other things, plaintiff claims that defendants concealed the fact that Teradyne was experiencing declining orders in its semiconductors testing systems division, which would cause the Company's growth rate to slow from historic levels. Moreover, the decision to conceal this adverse information from investors was carried out to facilitate the acquisition of Herco Technology Corporation and Perception Laminates, Inc., d/b/a Synthane Taylor, using artificially inflated Teradyne common stock as currency. When the truth about Teradyne's business was revealed to the public, the price of Teradyne common stock dropped precipitously, causing plaintiff and the members of the Class to suffer substantial damages.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Teradyne securities between July 14, 2000 and October 17, 2000, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our Website at www.faruqilaw.com.
If you purchased Teradyne securities during the Class Period, you may, not later than December 17, 2001, 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. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Avozz@faruqilaw.com www.faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca