BALA CYNWYD, Pa., Jan. 26 2005 – LAWFUEL – The Law …

BALA CYNWYD, Pa., Jan. 26 2005 – LAWFUEL – The Law News Network — 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
securities purchasers of the Silicon Storage Technology (Nasdaq: SSTI)
(“SST” or the “Company”) between March 30, 2004 and December 20, 2004,
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 Darren J. Check,
Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
[email protected]

The complaint charges SST, Bing Yeh, Jack K. Lai, Isao Nojima, and Yasushi
Chikagami 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 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 materially declining; (2) that the Company’s margins
were being significantly eroded due to excess inventory that were in the
channels; (3) that the Company was experiencing greater competition across all
segments of business, which lead to significant decreases in the prices of SST
products and also caused a significant erosion of the Company’s margins; (4)
that as a result of the above, the Company’s revenue and earnings were
materially decreasing; and (5) that the defendants’ positive statements
concerning the Company were lacking in any reasonable basis when made.

On December 20, 2004, after the market closed, SST announced today that
its revenue in the fourth quarter was expected to be between $102 and
$108 million versus previous guidance of $120 to $130 million. News of this
shocked the market. Shares of SST, on December 21, 2004, fell $1.02 per
share, or 14.55 percent, to close at $5.99 per share (down from $7.01 per
share on December 20, 2004) on unusually heavy trading 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

If you are a member of the class described above, you may, not later than
March 22, 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.

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