SOURCE: Stull, Stull & Brody

August 18, 2005 18:28 ET

Stull, Stull & Brody Announces Class Action Against Symbol Technologies, Inc.

NEW YORK, NY -- (MARKET WIRE) -- August 18, 2005 -- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of New York, on behalf of purchasers of Symbol Technologies, Inc. ("Symbol") (NYSE: SBL) publicly traded securities between May 10, 2004 and August 1, 2005, inclusive (the "Class Period"). Also included are all those who acquired Symbol's shares through its acquisition of Matrics, Inc.

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Symbol stock through your Symbol retirement account and have information or would like to learn more about these claims, please contact us.

The Complaint alleges that Symbol, and certain of its officers and directors, violated federal securities laws by issuing misleading public statements. Specifically, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. The complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts: (i) that Symbol had inadequate and deficient internal and financial controls; (ii) that Symbol's reported expenses were understated; (iii) that Symbol had massive overcapacity, inefficient operations and obsolete assets; (iv) that Symbol was experiencing declining demand for its products; and (v) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.

If you acquired Symbol common stock between May 10, 2004 and August 1, 2005, you may, no later than October 17, 2005, request the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has not yet filed a complaint in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

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 Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com or by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Contact:
    Tzivia Brody, Esq.
    Stull, Stull & Brody
    Email Contact
    1-800-337-4983
    fax 212/490-2022

    6 East 45th Street
    New York, NY 10017
    www.ssbny.com