Shareholder Class Action Filed Against ATI Technologies, Inc. by the Law Firm of Schiffrin & Barroway, LLP
24 8월 2005 - 8:30AM
PR Newswire (US)
RADNOR, Pa., Aug. 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 Eastern District of
Pennsylvania on behalf of all securities purchasers of ATI
Technologies, Inc. (NASDAQ:ATYT) ("ATI" or the "Company") between
October 7, 2004 and June 23, 2005, 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 (Darren J.
Check, Esq. or Richard A. Maniskas, Esq.) toll-free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint
charges ATI, Kwok Yuen Ho, David E. Orton and Patrick G. Crowley
with violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that the Company failed to
disclose and misrepresented the following material adverse facts
which were known to defendants or recklessly disregarded by them:
(1) that the Company substantially relied on its high-end offerings
to fund other parts of its business; (2) that the Company's
high-end offerings failed to offset the negative impact of weak
gross margins and declining average sales prices in consumer
electronics; (3) that the Company, due to production and design
issues, was late to the market with its R520 chip, thereby losing
market share to both Nvidia Corp. and Intel Corp. which caused
downward pricing pressure for ATI; (4) that the Company's inventory
levels were at a historic high, while current sales levels were
insufficient to support the existing cost base; and (5) that the
defendants' positive statements about the Company's progress and
future growth lacked in all reasonable basis. On June 6, 2005, ATI
announced that it expected its revenue for the third quarter 2005
to be well below previously forecasted results. On this news,
shares of ATI fell $1.58 per share, or 10.35 percent, on June 6,
2005, to close at $13.68 per share. On June 23, 2005, ATI issued
its results for the third quarter 2005 and again lowered its
forecast. On this news, shares of ATI fell $0.98 per share, or 7.67
percent, on June 23, 2005, to close at $11.80 per share. 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 billions of
dollars on behalf of institutional and individual investors from
the United States and around the world. 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
October 17, 2005, move the Court to serve as lead plaintiff of the
class, if you so choose. A lead plaintiff is a representative party
that 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 plaintiff." Your ability to
share in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff. You may retain
Schiffrin & Barroway, or other counsel of your choice, to serve
as your counsel in this action. CONTACT: Schiffrin & Barroway,
LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of
Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or
1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin &
Barroway, LLP CONTACT: Schiffrin & Barroway, LLP: Darren J.
Check, Esq. or Richard A. Maniskas, Esq., +1-888-299-7706,
+1-610-667-7706, or Web site: http://www.sbclasslaw.com/
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