INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP ANNOUNCES A SHAREHOLDER CLASS ACTION HAS BEEN FILED AGAINST SIPEX CORP. - SIPX
New York, NY (PrimeZone) February 18, 2005 - Murray, Frank & Sailer LLP announces that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all persons who purchased the securities of Sipex Corp. (“Sipex” or the “Company”) (Nasdaq: SIPX) between April 24, 2003 and January 20, 2005, inclusive (the “Class Period”).
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The complaint charges Sipex and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sipex designs, manufactures and markets high-performance, analog integrated circuits that are used by original equipment manufacturers operating in the computing, consumer electronics, communications and networking infrastructure markets.
The complaint alleges that during the Class Period, defendants caused Sipex's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. On January 20, 2005, the Company issued a press release announcing that "the Company may restate its financial statements for the fiscal year ended December 31, 2003 and the fiscal quarters ended April 3, 2004, July 3, 2004, and October 2, 2004, due to the possible improper recognition of revenue during these periods on sales for which price protection, stock rotation and/or return rights may have been granted." On this news, Sipex shares fell to as low as $2.78 per share, or 27%, from a closing price of $3.84 on January 20, 2005.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Sipex securities between April 24, 2003 and January 20, 2005, and sustained damages, you may, no later than March 25, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]