Symbol Technologies, Inc.

Pomerantz represents Lead Plaintiff in the class action against Symbol Technologies, Inc.  We are currently waiting for the Court to rule on the motion to dismiss.

The Complaint alleges that, throughout the Class Period, defendants knowingly or recklessly misrepresented the Company's prospects, financial results, and operations, causing the Company's stock price to trade at artificially inflated levels in violation of the Securities Exchange Act of 1934. According to the Complaint, the true facts, which were known by each of the defendants but concealed from the investing public, were that (i) the Company's reported financial results and revenue projections during the Class Period were materially false and misleading and lacked a reasonable basis when made; (ii) Symbol Technologies had inadequate and deficient internal and financial controls which caused its financial statements to be unreliable; (iii) the Company had massive overcapacity, inefficient operations and obsolete assets which were not properly accounted for; (iv) Symbol Technologies was experiencing declining demand for its products; (v) the Company's reported expenses were understated and its reported revenues were overstated; and (vi) the Company's financial statements did not fairly present in all material respects its financial condition, results of operations and cash flows. The Complaint alleges that as the market learned the true information about Symbol Technologies the inflation caused by defendants' misrepresentations was removed and the price of Symbol common stock fell by nearly 50% from its Class Period high.