NEW YORK, Aug. 17, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces that a class action complaint has been filed in the District of Connecticut against Flight Safety Technologies, Inc. ("Flight Safety") (AMEX:FLT) for alleged acts in violation of U.S. securities fraud laws.
The complaint alleges that, from January 14, 2003 through July 16, 2004 (the Class Period), Flight Safety and its CEO and Chairman Samuel A. Kovnant and its President William B. Cotton issued a series of false and misleading statements regarding the Company's wake vortex sensor technology. In particular, defendants' false and misleading statements caused Class members to believe incorrectly that the wake vortex sensor technology worked, that a market existed for it, that the Company's technology had the support and imprimatur of certain agencies of the United States government and that the Company was "poised to finalize development and enter the US and world marketplace." In reality, the sensor had been severely criticized in an unbiased agency evaluation as being incapable of commercial implementation. Moreover, the evaluation made clear that the Company was more than ten years away from finalizing development of the sensor and much further away from actually marketing it to its customers.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or acquired the common stock of Flight Safety Technologies, Inc. between January 14, 2003, and July 16, 2004, inclusive, and sustained damages, you may, no later than September 27, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca