NEW YORK, Jan. 9, 2004 (PRIMEZONE) -- After conducting its own investigation, Abbey Gardy, LLP commenced the first securities class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class") of all persons who purchased or acquired securities of Silicon Image, Inc. ("Silicon" or the "Company") (Nasdaq:SIMGE) between April 15, 2002, the day the Company announced its financial results for its first quarter ended March 31, 2002 and November 15, 2003, the day the Company announced an investigation into its revenue recognition practices associated with its licensing transactions (the "Class Period"). A copy of the complaint is available from the Court or from Abbey Gardy, LLP.
The Complaint alleges that Defendants 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 during the Class Period thereby artificially inflating the price of Silicon securities.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Silicon securities during the Class Period. If you purchased or otherwise acquired Silicon securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Silicon Image securities during the Class Period, you may, no later than February 13, 2004 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. The law sets froth specific criteria that a lead plaintiff must meet in order to adequately represent the interests of the class. The law sets forth that the class member with the largest financial interest in the litigation is the most adequate shareholder to lead the litigation. In addition, 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 plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca