BOSTON, MA– 03/10/2005 -LAWFUEL – The Law News Network – The Boston, Massachusetts law firm of Shapiro Haber & Urmy LLP announces that it filed a class action securities fraud suit in the United States District Court for the District of Massachusetts on behalf of purchasers of the securities of Viisage Technology, Inc. (“Viisage” or the “Company”) (NASDAQ: VISG) between October 25, 2004 and March 2, 2005, inclusive (the “Class Period”) seeking damages under the Securities Exchange Act of 1934 (the “Exchange Act”). The named defendants are Viisage; its CEO, Bernard Bailey; its CFO, William K. Aulet; and its Chairman of the Board, Denis K. Berube.
For further information you may call toll free, 800-287-8119, or contact Shapiro Haber & Urmy LLP by e-mail by writing to cases@shulaw.com.
The Complaint alleges, in part, that Viisage manipulated its third quarter financial statements to artificially show a profit for the quarter by prematurely recognizing certain revenue and deferring certain expenses. On February 27, 2005, Viisage shocked investors with the news of numerous fourth quarter charges and a significant asset impairment, all of which returned Viisage to substantial unprofitability. This news caused Viisage stock to drop over 20% on heavy trading. On March 2, 2005, defendants again surprised the market by announcing a “material weakness” in its internal financial controls, and that “management will be unable to conclude that the Company’s internal controls over financial reporting are effective as of December 31, 2004.” Shares of Viisage stock dropped another 20% on March 3, 2005.
Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Shapiro Haber & Urmy LLP, which has successfully prosecuted numerous securities class actions on behalf of defrauded investors. More information about the firm and its qualifications is available on the firm’s website at www.shulaw.com.
If you purchased Viisage stock during the Class Period from October 25, 2004 to March 2, 2005, and you suffered damages, you may wish to join the action. You may move the court to serve as a lead plaintiff no later than May 9, 2005.
If you would like a copy of the complaint or would like to discuss joining this action as a lead plaintiff, please contact Ted Hess-Mahan, Esq. or Alyssa Petroff, paralegal, Shapiro Haber & Urmy LLP, 53State Street, Boston, MA 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at cases@shulaw.com.
