SOURCE: Izard Nobel LLP

December 15, 2008 18:14 ET

Izard Nobel LLP Announces Class Action Lawsuit Against GSI Group, Inc.

HARTFORD, CT--(Marketwire - December 15, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased or otherwise acquired the securities of GSI Group, Inc. (NASDAQ: GSIG) ("GSI Group" or the "Company") between April 30, 2008 and December 3, 2008, inclusive (the "Class Period").

The Complaint charges that GSI Group and certain of its officers and directors violated federal securities laws by issuing false and misleading statements about the Company's business operations and prospects. Specifically, defendants failed to disclose the following: (i) that the Company improperly recognized revenue; (ii) that as a result, the Company misstated its financial results during the Class Period; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iv) that GSI Group lacked adequate internal and financial controls; and (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On December 4, 2008 the Company announced that it would restate its financial statements for the first and second fiscal quarters of 2008. On this news, shares of GSI Group fell approximately 29% to close at $0.68 per share.

If you are a member of the class, you may, no later than February 10, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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