SOURCE: Johnson & Perkinson

November 12, 2008 09:53 ET

Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Hardinge Inc.

SOUTH BURLINGTON, VT--(Marketwire - November 12, 2008) - Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming Hardinge Inc. ("Hardinge") (NASDAQ: HDNG) and officers and directors of Hardinge. The action, docket numbered 6:08-cv-6490-MAT, was filed in the United States District Court for the Western District of New York. Individuals, families, trusts or other entities that invested in Hardinge securities between February 22, 2007 and February 21, 2008, have the opportunity to meaningfully participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by December 29, 2008.

Johnson & Perkinson, a law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline.com, Wireless Facilities, i2 and Xchange, and has served on the Executive Committee in the Global Crossing case.

The Complaint charges that defendants misled or failed to inform the investing public that orders and sales were slowing, thus causing Hardinge's inventory of outdated machinery to grow and causing an undisclosed impairment in the value of inventory. The complaint further alleges that this undisclosed information materially inflated the financial results of the Company and demonstrated that the Company lacked adequate internal controls. According to the complaint, the value of Hardinge's shares declined significantly after the Company announced on February 21, 2008, that in the fourth quarter of the fiscal year ending December 31, 2007, Hardinge experienced a combination of prior period accounting adjustments and the negative impact of operational initiatives to reduce inventory which contributed to an unexpected loss in the fourth quarter of 2007 and that the Company planned to lower inventory by $20 million and to discount inventory of older product lines.

If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorney Eben F. Duval toll free at 1-888-459-7855; Johnson & Perkinson attorney James Conway via email at jconway@jpclasslaw.com; through our website at www.jpclasslaw.com; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to seek appointment as a Lead Plaintiff.

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