Pemstar (NASDAQ:PMTR)
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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
PEMSTAR, Inc.
HARTFORD, Conn., June 20 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the District of Minnesota on
behalf of all persons who purchased the publicly traded securities of PEMSTAR,
Inc. (NASDAQ:PMTR) ("PEMSTAR" or the "Company") between January 29, 2003 to
January 24, 2005, inclusive (the "Class Period").
The Complaint alleges that PEMSTAR and certain of its officers and directors
violated federal securities laws. Specifically, defendants misrepresented the
Company's business condition. Throughout the Class Period, PEMSTAR suffered
from extensive liquidity constraints that inhibited PEMSTAR's ability to
achieve the necessary gross margin expansion that was required for the Company
to create and sustain accounting profits. The Complaint alleges that
defendants failed to disclose that the Company needed gross margins of at least
9% in order to achieve profitability, a level which defendants knew it was
years away from attaining. Additionally, defendants understated the
liabilities associated with its Mexican facilities and overstated the Company's
accounts receivables which had become materially impaired.
On January 24, 2005, PEMSTAR issued a press release announcing that it was
revising its outlook for the fiscal 2005 third quarter, implementing additional
cost-reduction initiatives and restating its financial results for its fiscal
year ended March 31, 2004, due to accounting discrepancies at its Mexico
facility. By the time PEMSTAR made this disclosure, its common stock had
declined nearly 70% from its Class Period high.
If you are a member of the class, you may, no later than August 15, 2005,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view
a copy of the Complaint initiating the class action, which was not filed by
Schatz & Nobel, or for more information about this case, class action cases in
general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail:
DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Wayne T. Boulton or Nancy A. Kulesa, +1-800-797-5499,
, both of Schatz & Nobel, P.C.
Web site: http://www.snlaw.net/