Shareholder Class Action Filed Against Orion Energy Systems, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
RADNOR, Pa., Feb. 28 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York, on behalf of all purchasers of the common stock of Orion Energy Systems, Inc. (NASDAQ:OESX) ("Orion" or the "Company") pursuant or traceable to the Company's December 18, 2007 Initial Public Offering ("IPO" or the "Offering"). 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 Topaz & Kessler, 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 info@sbtklaw.com.
The Complaint charges Orion and certain of its officers and directors with violations of the Securities Act of 1933. Orion is a power technology enterprise that designs, manufactures and implements energy management systems, consisting primarily of high-performance, energy efficient lighting systems, controls and related services, for commercial and industrial customers. The Complaint alleges that, in connection with the Company's IPO, defendants failed to disclose or indicate the following: (1) that the Company was planning to drastically alter its business model in a way that would have significant adverse affects on earnings and revenues. On December 18, 2007, the Company conducted its IPO. The IPO was a financial success for the Company, as it was able to raise $100 million by selling 7.69 million shares of stock to the public at a price of $13 per share. On February 6, 2008, the Company announced that it was significantly altering its business model to involve the sale of products which had not yet gained market acceptance. This involved far greater risk than the business model set forth in the Registration Statement issued just weeks before and would result in a reverse of sequentially high revenue trends. In response to this news, shares of the Company's stock declined $6.39 per share, or 42.89 percent, to close on February 7, 2008 at $8.51 per share, 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 Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler 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 Topaz & Kessler or to sign up to participate in this action online, please visit www.sbtklaw.com If you are a member of the class described above, you may, not later than April 11, 2008, 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
CONTACT: Darren J. Check, Esq.; or Richard A. Maniskas, Esq., Web site: http://www.sbtklaw.com/
2008-02-28 18:02:47 0301317 PRNEWSWIRE
HOME || Press Release Archive || © Leigh Media Corporation || Terms of Use || Privacy Policy || Publish Your Press Release Here |