Shareholder Class Action Filed Against Silicon Image, Inc. By The Law Firm of Schiffrin & Barroway, LLP
24 12월 2003 - 9:30AM
PR Newswire (US)
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/
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