Mar 27, 2003
Plaintiffs are represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions, please contact attorneys Andrew M. Schatz or Nancy A. Kulesa at (800) 797- 5499, or by e-mail at sn06106@aol.com. For more information about Schatz & Nobel, P.C. and class action cases, please visit our website at http://www.snlaw.net.
The Complaint alleges that Solectron, a provider of electronics manufacturing and supply-chain management services, and certain of its officers and directors issued materially false and misleading statements. Specifically, defendants failed to disclose that Solectron possessed tens of millions of dollars of obsolete and unusable inventory in its Technology Solutions division which would need to be written down. As a result, Solectron's financial results were artificially inflated during the Class Period. On September 26, 2002, Solectron issued a press release announcing its financial results for the fourth quarter of 2002 and fiscal year of 2002. Solectron reported a net loss of $2.6 billion for the quarter and announced that it was booking a pre-tax charge of $97 million to reserve for inventory revaluation and write-off. Following this news, shares of Solectron fell to $2.16 per share, as compared to a Class Period high of $16.25 per share.
Plaintiffs seek to recover damages on behalf of all Class Members. If you purchased or otherwise acquired Solectron from September 17, 2001 through September 26, 2002 inclusive, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than May 5, 2003. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, +1-800-797-5499,
sn06106@aol.com
Web site: http://www.snlaw.net/
