Shareholder Class Action Filed Against Pixar by the Law Firm of Schiffrin & Barroway, LLP
November 01 2005 - 5:51PM
PR Newswire (US)
RADNOR, Pa., Nov. 1 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the Northern District of
California on behalf of all securities purchasers of Pixar
(NASDAQ:PIXR) ("Pixar" or the "Company") between January 18, 2005
and June 30, 2005 inclusive (the "Class Period"). If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests with respect to these matters, please
contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or
Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or
1-610-667-7706, or via e-mail at . The complaint charges Pixar,
Steven P. Jobs, Edwin E. Catmull and Simon T. Bax with violations
of the Securities Exchange Act of 1934. More specifically, the
Complaint alleges that the Company failed to disclose and
misrepresented the following material adverse facts which were
known to defendants or recklessly disregarded by them: (1) that
defendants, in an effort to demonstrate positive earnings and
inflate the Company's sales figures, shipped millions of excess
copies of "The Incredibles" home videos to the market; (2) that
defendants' were aware that the video shipments significantly
exceeded the levels of consumer demand, and as a result were
eventually forced to increase the reserve for video returns; (3)
that the Company lacked adequate internal controls; and (4) that as
a consequence of the foregoing defendants' statements with respect
to the forecasted sale of "The Incredibles" home video units lacked
in any reasonable basis. On June 30, 2005, Pixar announced an
update to its fiscal second quarter 2005 guidance. Pixar stated
that following a review of the most current domestic and
international home video sales data for "The Incredibles," the
Company updated its second quarter home video projections to
increase its reserves for returns. On this news, shares of Pixar
fell $6.99 per share, or 13.97 percent, on July 1, 2005, to close
at $43.06 per share. On August 26, 2005, Pixar revealed that it was
under an SEC investigation. Plaintiff seeks to recover damages on
behalf of class members and is represented by the law firm of
Schiffrin & Barroway, which prosecutes class actions in both
state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and
has recovered billions of dollars on behalf of institutional and
individual investors from the United States and around the world.
For more information about Schiffrin & Barroway, or to sign up
to participate in this action online, please visit
http://www.sbclasslaw.com/. If you are a member of the class
described above, you may, not later than December 20, 2005 move the
Court to serve as lead plaintiff of the class, if you so choose. A
lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq.
Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren J. Check,
Esq. or Richard A. Maniskas, Esq. of Schiffrin & Barroway,
+1-888-299-7706 (toll free) or +1-610-667-7706 or Web site:
http://www.sbclasslaw.com/
Copyright
Pixar (NASDAQ:PIXR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Pixar (NASDAQ:PIXR)
Historical Stock Chart
From Aug 2023 to Aug 2024