NEW YORK, March 15, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States Eastern District Court of New York, civil action number 02 cv 1608, on behalf of all persons or entities who purchased Symbol Technologies, Inc. ("Symbol Technologies" or the "Company") common stock (NYSE:SBL) between October 19, 2000 and February 13, 2002, both dates inclusive (the "Class Period").
The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing a series of materially false and misleading statements about the Company's quarterly and annual financial results for 2000 and its quarterly financial results for the first quarter of 2001. In particular, it is alleged that the Company improperly booked a $10 million royalty payment in the third quarter of 2000 and of improperly recorded more than $40 million in revenue in the first quarter of 2001. The Complaint alleges that as a result of these false and misleading statements the price of Symbol Technologies common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased Symbol Technologies common stock during the Class Period described above, you may, no later than May 6, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Maurice Pesso, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca