BALA CYNWYD, Pa., Feb. 13, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Sawtek, Inc. ("Sawtek" or the "Company"), currently a subsidiary of TriQuint Semiconductor, Inc. (Nasdaq:TQNT) between January 27, 2000 and May 24, 2001, inclusive (the "Class Period").
The case is pending in the United States District Court for the Middle District of Florida against the company and certain of its officers and directors.
The action charges that the Company violated federal securities laws by issuing a series of materially false and misleading statements regarding Sawtek's business and financial condition during the Class Period. Specifically, the Complaint alleges, inter alia, that during the Class Period, defendants misrepresented Sawtek's financial performance by improper "channel stuffing," that is inflating revenue by shipping more products than distributors could sell and by disseminating false and misleading statements regarding the Company's business prospects.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between January 27, 2000 and May 24, 2001 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.