22.04.03

22.4.2003: Meldung: Anklage gegen Astropower (engl.)

Wolf Haldenstein Adler Freeman and Herz LLP Commences AstroPower, Inc. Class Action
Thursday April 17, 3:29 pm ET

NEW YORK, April 17 -- Wolf Haldenstein Adler Freeman & Herz LLP has filed a class action lawsuit in the United States District Court for the District of Delaware, on behalf of all persons who purchased the securities of AstroPower, Inc. ("AstroPower" or the "Company") (Nasdaq: APWR - News) between February 22, 2002 and August 1, 2002, inclusive, (the "Class Period") against defendants AstroPower and certain officers of the Company.

The case name and index number are Quick v. AstroPower, Inc., et al, 03-391. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

During the class period, AstroPower asserted that it would be able to benefit from the rising demand for solar power products and described its revenue and earnings growth as strong. The complaint alleges that the Company could not effectively control its expanding and progressively complex operations through, among other things, its inability to allot resources amongst its various manufacturing facilities to successfully meet regional demand or to adapt its production capacity to actual demand. Therefore, at the same time that AstroPower was reporting its excellent position to take advantage of the rising demand for solar products, it was actually competing less effective than its rivals. Furthermore, to continue the impression that its operations were successful, the Company reported artificially inflated revenue and earnings by, among other things, recording revenue before shipping products, contrary to its stated principles of revenue recognition.

On August 1, 2002, after the close of trading, AstroPower announced its results for the second quarter ended June 30, 2002. Reported revenue and net income had not increased. Second quarter income was $365,000, or $0.02 per diluted share in comparison with $1.7 million, or $0.07 per diluted share in the year-earlier second quarter and revenue of $20.4 million represented only a one percent increase over reported revenue for the prior quarter and was roughly $4.9 million lower than analysts" consensus estimate.

If you purchased AstroPower securities during the Class Period, you may request that the Court appoint you as lead plaintiff by May 6, 2003. 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Michael Miske, George Peters, or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at www.whafh.com. All e-mail correspondence should make reference to AstroPower.

Source: Wolf Haldenstein Adler Freeman & Herz LLP
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