INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP HAS FILED A SHAREHOLDER CLASS ACTION AGAINST AROTECH CORPORATION-ARTX
New York, NY April 16, 2007 - Murray, Frank & Sailer LLP has filed a class action on behalf of shareholders who purchased or otherwise acquired the securities of Arotech Corporation (“Arotech” the “Company”) (NasdaqGM: ARTX) between March 31, 2005 to November 14, 2005, inclusive, (the "Class Period").
Join the Case
Arotech and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder. Throughout the Class Period, Arotech conditioned investors to believe that the Company was meeting or exceeding guidance and could foreseeably achieve sustained year-over-year quarterly revenue growth as high as 40%.
Unbeknownst to investors, however, throughout the Class Period, Arotech suffered from a host of adverse conditions that negatively impacted its business and caused the Company to fail to maintain its financial statements and reports in accordance with GAAP and SEC rules, including, that: (1) the integration of Armour of America, acquired by Arotech in August 2004 for approximately $22 million, was not proceeding according to plan; (2) profitability was overstated as a result of defendants' failure to write-down impaired assets and record rising impairment costs; and (3) defendants failed to maintain an adequate system of internal operational or financial controls necessary to operate the Company.
If you are a member of the class, you may, no later than June 5, 2007, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative, chosen by the Court, who acts on behalf of other class members in directing the litigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You may visit our website at www.murrayfrank.com. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]