SECURITIES CLASS ACTION LAWSUIT
FILED AGAINST ROBOTIC VISION SYSTEMS, INC.
New York - July 12, 2001- Kaplan Fox has filed a class action lawsuit against Robotic Vision Systems, Inc. and its top two executives. The action, number 01-CV-10876, is pending before Judge Richard G. Stearns in the United States District Court for the District of Massachusetts. The suit is brought on behalf of all persons or entities who purchased the common stock of Robotic Vision Systems, Inc. ("Robotic Systems") (NASDAQ: ROBV) between January 27, 2000 and May 15, 2001 inclusive (the "Class Period").
The complaint charges Robotic Systems and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, Robotic Systems reported materially false and misleading financial results for fiscal year 2000 in violation of Generally Accepted Accounting Principles. On May 15, 2001, before the market opened, Robotic Systems announced that it would be restating its financial results for the fiscal year ended September 30, 2000 and for the three month period ended December 31, 2000 to correct certain accounting errors involving the recognition of revenue at its Acuity CiMatrix division.
As a result of defendants' alleged fraud, Robotic Systems' common stock traded at artificially inflated levels through out the class period. In response to the shocking news that Robotic Systems' financial statements required restatement, the Company's stock price lost almost 15% of its value in one day.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, New Jersey, San Francisco, and Chicago has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com.
If you are a member of the Class, you may move the court no later than August 8, 2001, to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your
rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:
S. Fox, Esq.
Hae Sung Nam, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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