Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Hardinge Inc. to Inquire About the Le
31 Outubro 2008 - 7:50PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Western District of New York on behalf of purchasers
of the securities of Hardinge Inc. ("Hardinge" or the "Company")
(NASDAQ: HDNG) during the period between February 22, 2007 and
February 21, 2008, inclusive (the "Class Period").
The complaint charges Hardinge and certain of its executive
officers with violations under the Securities Exchange Act of 1934.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff. If you wish to choose counsel to represent
you and the Class, you must apply to be appointed lead plaintiff no
later than December 29, 2008 and be selected by the Court. The lead
plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement and how much of
a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in the Company during the Class
Period. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/332-0030) to answer any questions
you may have in that regard.
The Complaint charges that defendants misled or failed to inform
the investing public with regard to the fact that orders and sales
were slowing, thus causing Hardinge's inventory of outdated
machinery to grow and causing an undisclosed impairment in the
value of inventory. The complaint further alleges that this
undisclosed information materially inflated the financial results
of the Company and demonstrated that the Company lacked adequate
internal controls. According to the complaint, after the Company
announced on February 21, 2008, that in the fourth quarter of the
fiscal year ending December 31, 2007, Hardinge experienced a
combination of prior period accounting adjustments and the negative
impact of operational initiatives to reduce inventory which
contributed to an unexpected loss in the fourth quarter of 2007 and
that the Company planned to lower inventory by $20 million and to
discount inventory of older product lines, the value of Hardinge's
shares declined significantly.
If you have suffered a net loss for all transactions in Hardinge
Inc. securities during the Class Period (including shares or
possibly calls purchased during, but retained after, the Class
Period or possibly put options sold but not covered until after the
Class Period), you may obtain additional information about this
lawsuit and your ability to become a lead plaintiff by contacting
Brower Piven at www.browerpiven.com, by email at
hoffman@browerpiven.com, by calling 410-332-0030, or at Brower
Piven, A Professional Corporation, The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/332-0030 Email Contact
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