Measurement Specialties Announces Court Approval of Shareholder Class Action and SEC Civil Action
July 21 2004 - 8:15AM
PR Newswire (US)
Measurement Specialties Announces Court Approval of Shareholder
Class Action and SEC Civil Action FAIRFIELD, N.J., July 21
/PRNewswire-FirstCall/ -- Measurement Specialties, Inc. (AMEX:MSS),
a designer and manufacturer of sensors and sensor-based consumer
products, today announced the court approval of its settlements of
both the shareholder class action, In re Measurement Specialties,
Inc. Securities Litigation, Civ. Action No. 02-CV-1071 (D.N.J.),
and the Securities and Exchange Commission's civil action, SEC v.
Measurement Specialties, Inc. and Kirk Dischino, Civ. Action No.
04-CV-3000 (D.N.J.). The final judgments were consistent with
previously disclosed settlement terms. Measurement Specialties is a
designer and manufacturer of sensors, and sensor-based consumer
products. Measurement Specialties produces a wide variety of
sensors that use advanced technologies to measure precise ranges of
physical characteristics, including pressure, motion, force,
displacement, angle, flow, and distance. Measurement Specialties
uses multiple advanced technologies, including piezoresistive,
application specific integrated circuits (ASICs),
micro-electromechanical systems (MEMS), piezopolymers, and strain
gages to allow their sensors to operate precisely and cost
effectively. This release includes forward looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, including but not limited to, statements
regarding non-recurring expenses, and resolution of pending
litigation. Forward looking statements may be identified by such
words or phases "should," "intends," "expects," "will," "continue,"
"anticipate," "estimated," "projected," "may," "we believe,"
"future prospects," or similar expressions. The forward-looking
statements above involve a number of risks and uncertainties.
Factors that might cause actual results to differ include, but are
not limited to, success of any reorganization; ability to raise
additional funds; conditions in the general economy and in the
markets served by the Company; competitive factors, such as price
pressures and the potential emergence of rival technologies;
interruptions of suppliers' operations affecting availability of
component materials at reasonable prices; timely development and
market acceptance, and warranty performance of new products;
success in integrating acquired businesses; changes in product mix,
costs and yields, fluctuations in foreign currency exchange rates;
uncertainties related to doing business in Hong Kong and China; and
the risk factors listed from time to time in the Company's SEC
reports. The Company from time-to-time considers acquiring or
disposing of business or product lines. Forward-looking statements
do not include the impact of acquisitions or dispositions of
assets, which could affect results in the near term. Actual results
may differ materially. The Company assumes no obligation to update
the information in this issue. Company Contact: Frank Guidone, CEO,
(973) 808-3023 Investor Contact: Aimee Boutcher, (973) 239-2878
DATASOURCE: Measurement Specialties, Inc. CONTACT: Frank Guidone,
CEO of Measurement Specialties, Inc., +1-973-808-3023; or Aimee
Boutcher of Boutcher & Boutcher Investor Relations,
+1-973-239-2878, for Measurement Specialties, Inc. Web site:
http://www.msiusa.com/
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