LOS ANGELES, Aug. 29, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of SureBeam Corporation ("SureBeam" or the "Company") (Nasdaq:SUREE) between March 16, 2001 and August 20, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges SureBeam and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning SureBeam's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. SureBeam provides electronic irradiation systems and services for the food industry. The complaint alleges that during the Class Period defendants caused SureBeam to report in its public filings, press releases and other public statements favorable financial results by, among other things, artificially inflating the Company's revenue and earnings by improper revenue recognition practices. On July 30 and August 12, 2003, Surebeam issued press releases stating that the Company was delaying the release of its second quarter earnings. On August 21, 2003, Surebeam issued a press release stating that Deloitte & Touche, LLP, SureBeam's independent auditor for 2003, had raised issues involving "certain aspects of SureBeam's revenue recognition policies and certain contracts entered into in 2000 and affecting subsequent periods." SureBeam's stock dropped to $1.55 per share as a result of this news.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 27, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Lionel Z. Glancy, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca