SOURCE: Sarraf Gentile LLP

December 15, 2008 12:31 ET

Sarraf Gentile LLP Announces Class Action Lawsuit Against GSI Group Inc.

NEW YORK, NY--(Marketwire - December 15, 2008) - On December 12, 2008, a class action lawsuit was filed in the United States District Court for the District of Massachusetts against GSI Group Inc. ("GSI Group") (NASDAQ: GSIG) and certain of its officers on behalf of a Class of all persons who purchased or otherwise acquired the securities of GSI Group between April 30, 2008 and December 3, 2008, inclusive (the "Class Period"). The lawsuit alleges that defendants violated the anti-fraud provisions of the federal securities laws.

According to the complaint, GSI Group supplies precision technology to medical, electronics and industrial markets. Throughout the Class Period, the complaint alleges, defendants' public statements were false and misleading or failed to disclose or indicate the following: (1) that GSI Group improperly recognized revenue; (2) that GSI Group misstated its financial results during the Class Period; (3) that GSI Group's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) that GSI Group lacked adequate internal and financial controls; and (5) as a result, GSI Group's financial statements were materially false and misleading. According to the complaint, when GSI Group announced on December 4, 2008, that it would restate its financial statements, its stock declined $0.28 per share, or 29%, to close at $0.68 per share.

If you bought the securities of GSI Group during the Class Period, you may, no later than February 10, 2009, move the Court to appoint you as lead plaintiff, a representative party that acts on behalf of other Class members. The Court must determine whether the Class member's claim is typical of other Class members' claims, and whether the Class member will adequately represent the Class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. Sarraf Gentile LLP did not file, and does not represent the plaintiff in, this lawsuit. You may retain Sarraf Gentile LLP or other counsel of your choice, to serve as your counsel in this action.

If you would like to participate in this action or would like additional information about the lawsuit, please contact Joseph Gentile at Sarraf Gentile LLP, 11 Hanover Square, New York, NY 10005 (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).

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