RADNOR, Pa., Dec. 13 – 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 District of Nevada on behalf of all securities
purchasers of Mikohn Gaming Corporation, d/b/a “Progressive Gaming C”
(Nasdaq: PGIC) (“PGIC” or the “Company”) between February 22, 2005 and October
19, 2005 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 (Darren J. Check, Esq. or Richard A.
Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail
at [email protected]
The Complaint charges PGIC, Russel H. McMeekin, and Michael A. Sicuro 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 Company violated Statements of Financial
Accounting Standards (“SFAS”) 153 by improperly recognizing revenue from two
non-monetary transactions; (2) that the improper accounting treatment
artificially inflated the Company’s financial results and its stock; (3) that
the Company’s financial results were in violation of Generally Accepted
Accounting Principles (“GAAP”); and (4) that as consequence of the foregoing,
the Company’s statements about its financial condition and future prospects
lacked in any reasonable basis.
PGIC engages in the development and marketing of technology-based products
for the gaming industry. During the Class Period the Company repeatedly
issued strong financial results and issued positive future financial
forecasts. The strong results and positive growth projections enabled the
Company to complete the VirtGame Corporation (“VirtGame”) acquisition and a
secondary offering. On October 20, 2005, the Company announced that it failed
to properly account for two non-monetary transactions in accordance with SFAS
153 and that the Company expected to report a loss of $.09 per share. On this
news, shares of PGIC fell $3.75 per share, or 28.78 percent, to close, on
October 20, 2005, at $9.28 per share.
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 billions of dollars on behalf of institutional and individual
investors from the United States and around the world. 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
January 31, 2006 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.
CONTACT: Schiffrin & Barroway, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at [email protected]
