INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP ANNOUNCES A SHAREHOLDER CLASS ACTION HAS BEEN FILED AGAINST VEECO INSTRUMENTS, INC. - VECO
New York, NY (PrimeZone) February 22, 2005 - Murray, Frank & Sailer LLP announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Veeco Instruments, Inc. (“Veeco”) (NASDAQ:VECO) common stock during the period between April 26, 2004 and February 10, 2005, inclusive (the “Class Period”).
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The complaint charges Veeco and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Veeco designs, manufactures, markets and services a broad line of equipment primarily used by manufacturers in the data storage and semiconductors industry.
Prior to the start of the Class Period, on November 3, 2003, the Company announced the acquisition of Emcore Corporation’s TurboDisc Metal Organic Chemical Vapor Deposition (MOCVD) business. Throughout the Class Period, defendants issued numerous positive statements and filed quarterly reports with the SEC which described the Company’s increasing financial performance due in part to the success of its TurboDisc division. In fact, defendants reported that the Company exceeded its quarterly guidance for the first and second quarters of 2004. These statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that Veeco was materially overstating its financial results by engaging in improper accounting practices. As detailed herein, Veeco has admitted that its prior financial reports are materially false and misleading as it announced that it is going to restate its results for the first three quarters of 2004; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (c) that as a result of the foregoing, the values of the Company's inventory, accounts payable, revenue and net income were materially overstated at all relevant times.
Then, on February 11, 2005, Veeco announced that it would delay releasing its fourth-quarter and yearly results while it examines improper accounting at its TurboDisc division. According to the press release, the Company's investigation is focusing mainly on the value of inventory, accounts payable and certain revenue items.
Upon this shocking news, shares of the Company’s stock fell $1.90 per share, or almost 10%, to close at $16.96 per share, on unusually heavy trading volume.
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 Tower Automotive securities between April 26, 2004 and February 10, 2005, and sustained damages, you may, no later than April 18, 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]