BALA CYNWYD, Pa., July 18, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Emex Corporation, Robotic Vision Systems, Inc., Sunglass Hut International and ECI Telecom Ltd. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the class period, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at (888) 299-7706 (toll free) or (610) 667-7706, fax number (610) 667-7056 or by e-mail at info@sbclasslaw.com.
EMEX CORPORATION (Nasdaq:EMEX) (Class Period: 04/09/01 - 05/23/01). The complaint charges Emex and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on April 9, 2001, Emex announced that it had obtained $100 million in project financing to build the first of a series of its highly-touted commercial plants. Defendants credited the success of the deal to "the efforts of Credit Suisse First Boston," a prestigious Wall Street investment firm. In reaction to the news, the price of Emex common stock soared 13% on April 10, 2001. On May 23, 2001, Dow Jones Newswires broke the news that, in fact, Credit Suisse First Boston ("CSFB") was not involved in securing Emex's financing. Furthermore, according to the May 23rd article, a spokesperson for CSFB stated that CSFB turned down Emex's financing proposal. On May 30, 2001, Emex issued another press release in which it revealed that Fieldstone, Inc., not CSFB, was the financial institution behind the $100 million financing. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than August 6, 2001.
ROBOTIC VISION SYSTEMS, INC. (Nasdaq:ROBV) (Class Period: 01/27/00 - 05/15/01). The complaint charges Robotic Vision and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about May 15, 2001, defendants announced that it would be delaying the filing of its form 10-A with the SEC for the second-quarter of 2001 because it was restating its financial results for the fiscal year ended December 31, 2000 and for the three month period ended December 31, 2000, to correct certain accounting issues related to the recognition of revenue at its Acuity CiMatrix division. In response to this shocking announcement, Robotic Vision shares tumbled almost 15%. The complaint was filed in the U.S. District Court for the District of Massachusetts. The lead plaintiff motion must be filed no later than August 6, 2001.
SUNGLASS HUT INTERNATIONAL (Nasdaq:RAYS) (Class Period: Tender Offer dated 03/05/01 by Luxottica Group S.p.A. and Shade to Sunglass shareholders in exchange for $11.50 net cash per share). The complaint charges Sunglass and certain of its officers and directors with violations of Section 14(d) of the Exchange Act and Rule 14d-10 promulgated thereunder. Specifically, the complaint alleges that pursuant to the Tender Offer and as an integral part thereof, Defendants offered and paid greater consideration to James N. Hauslein ("Hauslein"), the Chairman of the Board of Sunglass, than to other tendering Sunglass shareholders, as an inducement to Hauslein to support the Tender Offer and to tender his approximately 1.7 million Sunglass shares to Shade. Furthermore, the complaint alleges that the additional consideration to Hauslein, which was never offered nor paid to other Sunglass shareholders, was in the form of a lucrative Consulting Agreement entered into between Hauslein and Luxottica, under which Luxottica allegedly agreed to pay Hauslein $15 million over a five-year period. The complaint was filed in the U.S. District Court for the Eastern District of New York. The lead plaintiff motion must be filed no later than August 7, 2001.
ECI TELECOM LTD. (Nasdaq:ECIL) (Class Period: 05/02/00 - 02/14/01). The complaint charges ECI and certain of its officers and directors with issuing false and misleading statements concerning ECI's reported revenue for the first, second and third quarters of 2000. Specifically, the complaint alleges that on February 14, 2001, the Company announced that it expected to move $38 million in revenue from its 1999 financial statement to 2000, and $61 million from 2000 to 2001. The complaint was filed in the U.S. District Court for the Eastern District of Virginia. The lead plaintiff motion must be filed no later than August 11, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for more than 14 years and has recovered more than $1 billion for investors.
If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at (888) 299-7706.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.