NEW YORK, Oct. 17, 2008 (LAWFUEL) — The Brualdi Law Firm, P.C.
announces that a lawsuit has been commenced in the United States
District Court for the Middle District of Florida on behalf of
purchasers of AuthenTec, Inc. (“AuthenTec” or “the Company”)
(Nasdaq:AUTH) securities during the period between April 28, 2008
through September 5, 2008 (the “Class Period”) for violations of
federal securities laws.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased AuthenTec common stock during the Class Period, and wish
to move the court for appointment of lead plaintiff, you must do so by
December 8, 2008. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. The lead
plaintiff will be selected from among applicants claiming the largest
loss from investment in the Company during the Class Period. You do not
need to seek appointment as a lead plaintiff in order to share in any
recovery.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. 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 Sue Lee at The
Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York
10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by
email to slee@brualdilawfirm.com or visit our website at
http://www.brualdilawfirm.com.
The complaint alleges that throughout the Class Period defendants knew
or recklessly disregarded that their public statements concerning
AuthenTec’s business and operations (a mixed-signal semiconductor
business that provides fingerprint authentication sensors and solutions
to the high-volume personal computer, wireless device, and access
control markets) were materially false and/or misleading, including
withholding that the Company’s sales growth was slowing; withholding
that AuthenTec was flooding its customers with inventory; and
withholding that the Company lacked effective internal controls. The
complaint further alleges that only a matter of weeks after defendants
issued favorable revenue guidance and touted the Company’s financial
performance, as well as AuthenTec’s prospects for sales and revenue
growth, on September 7, 2008, the Company revised downward its
previously issued financial guidance which caused the value of
AuthenTec’s shares to decline substantially.
