PRESS RELEASE
Strachan v. Surebeam Corporation
[ Case Description ]
[Complaint ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
Donovan Searles, LLC Announces Class Action On Behalf of Purchasers of
Surebeam Securities.
Philadelphia, September 15th, 2003 - The law firm of Donovan Searles, LLC,
announces that a class action lawsuit was filed on behalf of all
purchasers of the publicly traded securities of SureBeam Corporation
("SureBeam" or the "Company") (Nasdaq:SUREE) during the period
between March 16, 2001 and August 20, 2003, inclusive (the "Class Period").
The case is currently pending in the United States District Court for
the Southern District of California, against the Company and certain
of its officers and directors alleging violations of the federal
securities laws. A copy of the Complaint is available from the
Court or can be viewed from the link above. The case is entitled
Strachan v. Surebeam Corporation, No. 03-CV-1832-K (RBB).
The Complaint charges that defendants disseminated materially false
and misleading statements concerning SureBeam's financial
performance, which caused the Company's stock price to become
artificially inflated, thereby inflicting damages on investors.
The Complaint alleges that during the Class Period defendants
caused SureBeam to report in its public filings, press releases
and other public statements favorable financial results by,
among other things, artificially inflating the Company's revenue and
earnings by improper revenue recognition practices. On July 30 and
August 12, 2003, SureBeam issued press releases stating that the
Company was delaying the release of its second quarter earnings.
On August 21, 2003, SureBeam issued a press release stating that
Deloitte & Touche, LLP, SureBeam's independent auditor for 2003,
had raised issues involving "certain aspects of SureBeam's
revenue recognition policies and certain contracts entered into in
2000 and affecting subsequent periods." SureBeam's stock dropped
to $1.55 per share as a result of this news.
If you purchased Surebeam securities during the Class Period,
you may, no later than October 27, 2003, move to be appointed
as a lead plaintiff in this class action. A lead plaintiff is
a representative party that acts on behalf of
other class members in directing the litigation. For further
information, please contact Michael D. Donovan of Donovan Searles,
LLC, at 1-800-619-1677, or click here to contact
us by form.