NEW YORK, April 23, 2003 (PRIMEZONE) -- Wechsler Harwood LLP seeks to inform potential class members that the deadline for submission of papers to act a lead plaintiff is April 25, 2003. Thus, if you are a member of the Class (meaning you purchased or otherwise acquired the securities of Microtune, Inc. ("Microtune" or the "Company") (Nasdaq:TUNEE) during the period April 22, 2002 through February 20, 2003, inclusive (the "Class Period"), you may, no later than April 25, 2003, move to be appointed as a Lead Plaintiff.
The case is currently pending in the United States District Court for the Eastern District of Texas against defendants Microtune and certain of its officers and directors. A copy of the complaint is available from the Court or can be viewed on Wechsler Harwood Website at: www.whesq.com.
The Complaint charges defendants with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder and Section 20(a) of the Exchange Act of 1934. Specifically, the Complaint alleges defendants issued false and misleading statements concerning the Company's financial results that artificially inflated the price of the Company's common stock. The Complaint further alleges that Microtune filed financial reports with the Securities and Exchange Commission and issued press releases which overstated the Company's earnings and revenues.
Microtune is a manufacturer, designer and marketer of radio related products such as tuners, amplifiers, transceivers and short-range wireless radios. On February 20, 2003, Microtune announced it had hired legal counsel to assist in an investigation of the Company's accounts in relation to five customers and that the Company was investigating the grant of credit to certain customers and the accounting of $11.6 million of deferred revenue. On March 31, 2003, Microtune announced it would not be filing its annual report for 2002 because of its investigation.
If you are a member of the class described above, you may, not later than April 25, 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. Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Ramon Pinon IV, Wechsler Harwood Shareholder Relations Department: rpinon@whesq.com extension 283.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca