KVH Industries (NASDAQ:KVHI)
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From Jul 2019 to Jul 2024
Shareholder Class Action Filed Against KVH Industries, Inc. by
the Law Firm of Schiffrin & Barroway, LLP
BALA CYNWYD, Pa., July 22 /PRNewswire/ -- The following statement was issued
today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the District of
Rhode Island on behalf of purchasers of KVH Industries, Inc. ("KVH" or the
"Company") (NASDAQ:KVHI) publicly traded securities during the period between
January 6, 2004 and July 2, 2004 (the "Class Period").
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
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll
free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
The complaint charges KVH and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. KVH describes itself as a
designer, manufacturer and marketer of mobile satellite communications products
for the automotive/recreational vehicle/marine markets and navigation, guidance
and stabilization products for defense markets.
The complaint alleges that, throughout the Class Period, defendants issued
materially false and misleading statements regarding KVH's increasing financial
results and the strong demand for its newly developed TracVision A5 and G8
satellite TV systems (the "TracVision systems"). As alleged in the complaint,
these statements were materially false and misleading because they failed to
disclose, among other things: (a) that defendants had "stuffed" the retail
channels with overpriced TracVision systems; (b) that the Company's revenues
were not growing by millions of dollars per quarter and the purported growth
trends in the Company's revenues could not be sustained; and (c) that KVH had
not realized any material cost reduction in the manufacture of its TracVision
systems and would be forced to write-down its inventory of manufactured goods
by millions of dollars. The complaint further alleges that defendants failed
to disclose these adverse facts in order to complete a public offering of KVH
common stock, raising more than $51.5 million in much needed capital.
On or about July 6, 2004, before the market opened for trading, KVH stunned the
investing public by announcing that it was slashing the retail price of its
TracVision systems by more than 34% and taking a multi-million dollar write
down of vendor purchase commitments and on-hand inventories to reflect the true
value of KVH's TracVision systems sales. In pre-opening market trading, KVH
common stock declined more than 19%, to open at $9.51 per share on July 6,
2004, a 49% decline from the public offering price just 4 months prior.
Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and has
recovered in excess of a billion dollars on behalf of institutional and high
net worth individual investors. For more information about Schiffrin &
Barroway, or to sign up to participate in this action online, please visit
http://www.sbclasslaw.com/.
If you are a member of the class described above, you may, not later than
September 20, 2004, move the Court to serve as lead plaintiff of the class, if
you so choose. 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 Schiffrin & Barroway, or other counsel of your
choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Stuart L. Berman, Esq.
Three Bala Plaza East, Suite 400
Bala Cynwyd, PA 19004
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP
CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., Schiffrin &
Barroway, LLP, +1-888-299-7706 or +1-610-667-7706,
Web site: http://www.sbclasslaw.com/