Schoengold & Sporn, P.C. Announces Class Action Lawsuit Against PerkinElmer, Inc.
NEW YORK, NY, August 15, 2002 /INTERNET WIRE/ - Schoengold & Sporn, P.C. announced today the commencement a class action lawsuit against PerkinElmer, Inc. ("PerkinElmer”) (NYSE: PKI) and certain key officers and directors in the United States District Court for the District of Massachusetts on behalf of all purchasers of PerkinElmer securities during the period between July 15, 2001 and April 11, 2002 (the "Class Period”). If you purchased PerkinElmer securities during the Class Period and would like to join the action pursuing securities claims against PerkinElmer, you may do so by visiting Schoengold & Sporn’s website at www.spornlaw.com or contacting Schoengold & Sporn, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires September 6, 2002.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated there under, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of PerkinElmer securities. Throughout the Class Period, as alleged in the complaint, defendants issued numerous statements and filed quarterly and annual reports with the SEC which described the Company's earnings and financial performance. The complaint alleges that these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that their Optoelectronics sector was undergoing a serious decrease in its business, hindering it from creating revenues aligned with defendants' expectations; (ii) that PerkinElmer had not written down tens of millions of dollars of inventory possessed by that division, in effect, misrepresenting and overstating the operating results of the Company; and (iii) that as a result, the value of the Company's financial results were materially overstated at all relevant times.
On April 11, 2002, the full truth regarding PerkinElmer's business was fully disclosed when the Company issued a press release revealing that its reported earnings will be breakeven, instead of the figure of $0.16-$0.17 per share that the Company had stated earlier that it expects to earn, and that its revenues will decline in the first quarter of 2002. In reaction to the announcement, PerkinElmer's stock plummeted by 28%, falling from $16.70 per share on April 10, 2002 to $12.04 by the close of April 11, 2002. Furthermore, the individual defendants and other PerkinElmer insiders sold a total of 595,000 PerkinElmer common stock during the Class Period, reaping gross proceeds in excess of $18.4 million and the Company completed a significant acquisition using its common stock as currency.
If you purchased PerkinElmer securities during the Class Period and either sold those securities at a loss or still hold them, you may request that the Court appoint you as a lead plaintiff. However, you must do so before September 6, 2002. Schoengold & Sporn was established in 1962 and has specialized in securities fraud litigation for over 35 years. The firm was credited by the Wall Street Journal for its work in the Wedtech Securities case, which was settled for $77.4 million, as follows:
"$77.5 million settlement ... reached in a securities fraud case stemming from the Wedtech scandal ... The settlement with 29 defendants... is believed to be one of the largest ever in a civil securities fraud case... 'This is a global settlement,' said Samuel Sporn, a plaintiffs' attorney at the New York law firm Schoengold & Sporn. Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986."
If you would like to further discuss your rights or receive an information packet, you may call collect or otherwise contact the undersigned, who will be pleased to assist:
CONTACT:
Jay P. Saltzman, Esq.
Ashley Kim, Esq.
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
Toll Free: (866) 348-7700
E-Mail: shareholderrelations@spornlaw.com
Website: www.spornlaw.com
SOURCE: Schoengold & Sporn, P.C.
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