Silicon Image (NASDAQ:SIMGE)
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From Sep 2019 to Sep 2024
Shareholder Class Action Filed Against Silicon Image, Inc. By The Law Firm of
Schiffrin & Barroway, LLP
BALA CYNWYD, Pa., Dec. 23 /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 United
States District Court for the Northern District of California on behalf of all
persons who purchased or otherwise acquired the securities of Silicon Image,
Inc. (NASDAQ:SIMGE) ("Silicon Image" or the "Company") from April 15, 2002
through November 15, 2003, inclusive (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 Silicon Image, David Lee, Steve Tirado, and Robert Gargus
with violations of Sections 10(b)and 20(a) of the Securities Exchange Act of
1934, and Rule 10b-5 promulgated thereunder. More specifically, the Complaint
alleges that defendants failed to disclose and indicate: (1) that Silicon Image
had materially overstated its net income and earnings per share; (2) that the
Company improperly recognized revenue in the form of licensing agreements, which
had been materially overstated; (3) that Silicon Image's financial results were
in violation of Generally Accepted Accounting Principals ("GAAP"); and (4) that
Silicon Image lacked adequate internal controls and was therefore unable to
ascertain the true financial condition of the Company.
On November 14, 2003, the Company announced that its Form 10-Q for the quarter
ended September 30, 2003, which was due to be filed with the SEC on November 14,
2003, would not be timely filed because an ongoing examination was being
conducted by its Audit Committee. The Company further stated that Silicon
Image's Audit Committee, with the assistance of independent outside counsel and
outside consultants, recently began examining certain matters, principally the
Company's recognition of revenue associated with certain licensing transactions
in 2003 and 2002. The market reacted swiftly to the news with shares of Silicon
Image falling more than 27.7 percent to close at $6.40 per share on extremely
heavy volume.
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
February 13, 2004, move the Court to serve as lead plaintiff of the class, if
you so choose. In order to serve as lead plaintiff, however, you must meet
certain legal requirements. You may retain Schiffrin & Barroway, LLP, 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., both of
Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706 or
Web site: http://www.sbclasslaw.com/