Class Action Lawsuit Filed Against Symbol Technologies

LawFuel reports that a class action lawsuit has been filed against Symbol Technologies 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 New York on behalf of all securities purchasers of Symbol Technologies, Inc. (NYSE: SBL - News; “Symbol” or the “Company”) between May 10, 2004 and August 1, 2005 inclusive (the “Class Period”).
[…]
The complaint charges Symbol, William R. Nuti and Mark T. Greenquist 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 demand for the Company’s products was weak; (2) that the Company’s operations were inefficient due to high operating costs exacerbated by excess workforce, unnecessary capacity and obsolete assets; (3) that the Company had inadequate internal controls; and (4) that as a result of the foregoing, the Company’s earnings projections lacked in all reasonable basis when made.

The whole press release can be read here.