NEW YORK, June 17, 2001 (PRIMEZONE) -- Wechsler Harwood Halebian & Feffer LLP filed a class action lawsuit against Robotic Vision Systems, Inc. and its top two executives. The action is pending in the United States District Court for the District of Massachusetts. The suit is brought on behalf of all persons or entities who purchased the commons stock of Robotic Vision Systems, Inc. ("Robotic Systems") (Nasdaq:ROBV) between January 27, 2000 and May 15, 2001 inclusive (the "Class Period").
The complaint charges Robotic Systems and certain of its officers and directors with violations of the Securities Exchange Act of 1934. It also alleges that during the Class Period, Robotic Vision Systems reported materially false and misleading financial results for fiscal year 2000 in violation of Generally Accepted Accounting Principles. On May 15, 2001, before the market opened, Robotic Vision Systems announced that it would be restating its financial results for the fiscal year ended September 30, 2000 and for the three month period ending December 31, 2000 to correct certain accounting errors involving the recognition of revenue at its Acuity CiMatrix division.
As a result of defendants' alleged fraud, Robotic Systems' common stock traded at artificially inflated levels through out the class period. In response to the shocking news that Robotic Systems' financial statements required restatement, the Company's stock price lost almost 15% of its value in one day.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Wechsler Harwood, please visit www.whhf.com.
If you are a member of the Class, you may move the court no later than August 3, 2001, to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please contact our Shareholder Relations Department, located at 488 Madison Avenue, New York, New York 10022, or by calling us toll free at (877) 935-7400 or by email pguiteau@whhf.com.