Shareholder Class Action Filed Against Fischer Imaging Corporation by the Law Firm of Schiffrin & Barroway, LLP -- FIMG


BALA CYNWYD, Pa., April 10, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Colorado on behalf of all purchasers of the common stock of Fischer Imaging Corporation ("Fischer" or the "Company") (Nasdaq:FIMG) from February 14, 2001 through April 1, 2003, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Fischer Imaging with a violation of Section 10(b) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder and certain of its officers and directors with a violation of Section 20(a) of the Securities Exchange Act. During the Class Period, the defendants issued and/or failed to correct false and misleading financial statements and press releases concerning the Company's publicly reported revenues and earnings directed to the investing public.

On April 1, 2003, Fischer Imaging announced in a press release that based on a review being conducted by the Company in conjunction with Ernst & Young LLP, the Company would delay the filing of its annual report on Form 10-K for the year ended December 31, 2002. Based on the Fischer's preliminary findings, the Company believes it will be necessary to restate its financial statements for the first three quarters of 2002 and the years ended December 31, 2001 and 2000. The news shocked the market and investor reaction was severe. The value of the Company's common stock plummeted by 18.36% in one day of trading, from a close of $5.39 on April 1, 2003 to a closing price $4.40 on April 2, 2003.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.

If you are a member of the class described above, you may, not later than June 9, 2003, 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.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.



            

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