Weiss & Lurie Announces Filing of Class Action Lawsuit On Behalf of LaserCard Corporation Shareholders

Weiss & Lurie, a national class action and shareholder rights law firm, has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all shareholders of LaserCard Corporation (“LaserCard”) (NASDAQ:LCRD).

On December 20, 2010, LaserCard announced that it had entered into a definitive merger agreement to be acquired by ASSA ABLOY, Inc. for $6.25 per share. The complaint filed in the lawsuit, Miller v. DeVincenzi, et al., alleges that defendants violated the federal securities laws by omitting material information from LaserCard’s December 22, 2010 Schedule 14D-9, and that LaserCard’s directors violated their fiduciary duties by failing to obtain the best possible price for the Company.

If you wish to wish to serve as lead plaintiff in this litigation, you must move the Court no later than 60 days from today. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. A lead plaintiff is a representative party who 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 plaintiffs. Your ability to share in any recovery is not, however, affected by your decision whether or not to serve as a lead plaintiff. You may retain Weiss & Lurie, or other counsel of your choice, to serve as your counsel in this action. Any member of the class may move the Court to serve as lead plaintiff, or may choose to do nothing and remain an absent class member.