HARTFORD, Conn., Nov. 19, 2007 LAWFUEL – The Litigation Newswire — The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of all persons who purchased the publicly traded securities of Syntax-Brillian Corp.
(“Syntax-Brillian” or the “Company”) (Nasdaq:BRLC) between May 1, 2007 and September 13, 2007, inclusive (the “Class Period”).
The Complaint charges that Syntax-Brillian and certain of its officers and directors violated federal securities laws. Specifically, Syntax-Brillian, CEO Vincent F. Solitto, Jr., and (now former) CFO Wayne Pratt misled shareholders through false statements about the company’s business prospects, operations, demand for the company’s products, and adequacy of internal controls.
On September 12, 2007, the Company disclosed a 35% shortfall in previously anticipated revenues and revised downward guidance for the
2008 fiscal year. On this news, Syntax-Brillian shares fell over 30%.
If you are a member of the class, you may, no later than January 15, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
