Scott+Scott, LLC Announces Class Action Lawsuit Against Cray Inc.

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Cray (MM)	NASDAQ:CRAYE	NASDAQ	Ordinary Share

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Scott+Scott, LLC Announces Class Action Lawsuit Against Cray Inc.

25/05/2005 1:05am

PR Newswire (US)

Cray (NASDAQ:CRAYE)
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Scott+Scott, LLC Announces Class Action Lawsuit Against Cray Inc. COLCHESTER, Conn., May 24 /PRNewswire/ -- Scott+Scott, LLC (http://www.scott-scott.com/) filed a class action in the United States District Court for the District of Washington on behalf of the purchasers of Cray Inc. (Nasdaq: CRAYE; "Cray" or the "Company") securities between July 31, 2003 and May 12, 2005, inclusive (the "Class Period"). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have questions concerning this notice or your rights, contact Scott+Scott attorneys Neil Rothstein or Amy Saba in the firm's San Diego office ( or 800/332-2259). Plaintiff alleges that during the Class Period, Cray failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them, including: (1) that business metrics having a direct bearing on revenue recognition, including the speed and costs of on- site acceptance testing or improved processes for building machines in accordance with customer requirements, were increasingly unfavorable and unlikely to improve anytime soon (2) manufacturing processes internal controls and testing were flawed and ineffective; (3) Cray's own auditors and Audit Committee knew of the flawed and ineffective internal controls; (4) delays in inventory recognition realization and revenue were a recurring and unpredictable feature of Cray's business model; and (5) Cray was losing money or breaking even on certain customer orders. On May 9, 2005, Cray revealed that it had failed to include an auditor's opinion on management's assessment of internal control over financial reporting. Moreover, Cray continued to report revenue results adversely impacted by faulty internal controls and past quarter practices. In response, Cray's stock price fell $0.74 per share over a three-day period ending May 12, 2005 -- an astonishing 35.6% loss -- to close at $1.34 on 9.5 million shares combined volume. Connecticut-based Scott+Scott, LLC, with additional offices in Ohio and California, practices nationwide, currently litigating major securities, antitrust and employee retirement plan cases throughout the United States. Scott+Scott is committed to client communication and satisfaction. The firm represents pension funds, charities, foundations, individuals and other entities worldwide in both class and non-class actions. Please visit the Scott+Scott website at http://www.scott-scott.com/ to learn more about the firm, its practice and other cases. This release is issued in accordance with the applicable U.S. federal law. DATASOURCE: Scott+Scott, LLC CONTACT: Neil Rothstein or Amy Saba, Attorneys of Scott+Scott, LLC, +1-800-332-2259, Web site: http://www.scott-scott.com/

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CRAYE Cray (MM)