KVH Industries (NASDAQ:KVHI)
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From Jul 2019 to Jul 2024
Wolf Haldenstein Adler Freeman and Herz LLP Commences Class
Action Lawsuit on Behalf of KVH Industries, Inc. Shareholders
NEW YORK, Aug. 16 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP
filed a class action lawsuit in the United States District Court for the
District of Rhode Island, on behalf of all persons who purchased or otherwise
acquired the securities of KVH Industries, Inc. ("KVH" or the "Company")
(NASDAQ:KVHI) between October 1, 2003 and July 2, 2004, inclusive, (the "Class
Period") against defendants KHV and certain officers and directors of the
Company.
The case name is Horner v. KVH Industries, Inc., et al. A copy of the complaint
filed in this action is available from the Court, or can be viewed on the Wolf
Haldenstein Adler Freeman & Herz LLP website at
http://www.whafh.com/cases/kvh.htm .
The complaint alleges that defendants violated the federal securities laws by
issuing materially false and misleading statements throughout the Class Period
that had the effect of artificially inflating the market price of the Company's
securities.
The complaint further alleges that the statements defendants made during the
Class Period were materially false and misleading when made because they failed
to disclose or indicate the following: (a) the Company had artificially
inflated its third and fourth quarter earnings by stuffing distribution and
inventory channels with overpriced TracVision A5 systems. Consequently, the
Company was forced to reduce the TracVision A5's retail price and, effectively,
refund millions of dollars in purported sales revenues to its retail dealers in
the form of "vendor purchase commitment charges" in order to promote
sell-through of TracVision retail channel inventory; (b) the Company had not
achieved any material cost reduction in the manufacturing of the TracVision A5
and would be forced to write-down its inventory of manufactured goods by
millions of dollars; (c) KVH's retail marketing and sales programs purportedly
aimed at the sell-through market for the TracVision A5 were ineffective because
the A5 was overpriced, causing the company to incur extra expenses and
increased losses as inventories of unsold TracVision systems continued to grow
through the Class Period which would have to be written down; (d) at the
suggested retail price of $3,495, the TracVision A5 was priced too high for its
intended market and, therefore, there was no reasonable basis for defendants'
projected annual sales of 9,000 to 10,000 units; (e) TracVision production and
other related costs were so high that any price reduction would reduce margins
to the extent that the product could not be sold profitably; (f) the cost
reduction program was flawed and defendants were not able to control production
and marketing costs; (g) as a result of the above, the defendants' opinions,
projections, and forecasts concerning the Company and its ability to
successfully market the TracVision A5 lacked any reasonable basis when made.
If you purchased or otherwise acquired KVH securities during the Class Period,
you may request that the Court appoint you as lead plaintiff by September 20,
2004. 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 Wolf Haldenstein, or other counsel of your choice,
to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities
class actions and derivative litigation in state and federal trial and
appellate courts across the country. The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City, San Diego,
and West Palm Beach. The reputation and expertise of this firm in shareholder
and other class litigation has been repeatedly recognized by the courts, which
have appointed it to major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf
Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York
10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M.
Nespole, Esq., Christopher S. Hinton, Esq., George Peters or Derek Behnke), via
e-mail at or visit our website at http://www.whafh.com/ . All e-mail
correspondence should make reference to KVH.
DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
CONTACT: Fred Taylor Isquith, Esq., or Gregory M. Nespole, Esq., or
George Peters, or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz
LLP, 1-800-575-0735,
Web site: http://www.whafh.com/
http://www.whafh.com/cases/kvh.htm