Securities Suit Against FARO Technologies, Inc. Filed by Scott+Scott, LLC -- First Measure Toward Investor Loss Recovery
09 December 2005 - 6:44AM
PR Newswire (US)
COLCHESTER, Conn., Dec. 8 /PRNewswire/ -- Scott+Scott, LLC
(http://www.scott-scott.com/), at the direction of clients, has
filed a securities fraud class action in the United States District
Court for the Middle District of Florida (Orlando Division - No.
05-cv-1810) against FARO Technologies Inc. ("FARO" or the
"Company") (NASDAQ:FARO) and individual defendants. Presently, the
class is defined in the complaint drafted by Scott+Scott as those
who purchased FARO securities between May 6, 2004, and November 3,
2005, inclusive (the "Class Period"). However, any purchaser of
FARO securities can contact the firm as the class period may change
as information is revealed. FARO engages in the design,
development, marketing, and support of portable, software-driven,
3D measurement systems for a range of manufacturing and industrial
applications (). If you purchased FARO securities during the Class
Period and wish to serve as a lead plaintiff in the action, you
must move the court no later than 60 days from today. Any member of
the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. If you wish to discuss this action
or have questions concerning this notice or your rights, please
contact Scott+Scott for more information. Scott+Scott will provide
class members with case materials, answer all questions regarding
participation and rights and assist with other services the firm
provides. There is no cost or fee to you. Contact Scott+Scott
partner Neil Rothstein (, 800/332-2259, ext. 22 or cell
619/251-0887). Institutional Investors may also contact the firm at
. The complaint alleges that defendants violated provisions of the
United States securities laws causing artificial inflation of the
Company's stock price. According to the complaint, the Company
repeatedly issued false and misleading quarterly and annualized
financial guidance throughout the Class Period in knowing or
reckless disregard of the deficient and defective state of one or
more of its controls and systems, with an adverse impact on its
inventory accounting, order fulfillment and financial statements.
It is further alleged that even though defendants quietly placed a
resource management system into operation, defendants continued to
conceal their deficient and defective controls and practices,
causing the newly implemented system to supply false and erroneous
information to the Company's departments and functions, with a
continued direct, adverse impact on order fulfillment and corporate
earnings. Finally, investors learned the truth about the adverse
impact of the Company's alleged defective and deficient
inventory-related controls and systems on FARO's financial
performance. As a result of defendants' shocking news and
disclosures following the close of the markets on November 3, 2005,
the price of FARO stock plummeted $5.88, from its closing price of
$22.38 on November 3, 2005, to finally close on November 7, 2005,
at $16.50, for a two- day loss of 26.38%, on combined volume of
over 5.9 million shares. The plaintiff is represented by
Scott+Scott, LLC, which has significant experience in prosecuting
investor class actions. The firm dedicates itself to client
communication and satisfaction and currently is litigating major
securities, antitrust and employee retirement plan actions
throughout the United States. The firm represents pension funds,
charities, foundations, individuals and other entities worldwide.
Cases currently being litigated and/or investigated by Scott+Scott,
LLC include: Refco, Inc.; Guidant Corp.; Abbott Laboratories;
Halliburton; TRM Corp.; and Tempur-Pedic Int'l, among others. Its
success has brought shareholders hundreds of millions of dollars in
cases against Mattel, Royal Dutch/Shell, Sprint, ImClone and
others. Website: http://www.scott-scott.com DATASOURCE:
Scott+Scott, LLC CONTACT: Neil Rothstein, +1-800-332-2259, ext. 22,
+1-619-251-0887 (mobile), , or Institutional Investors, , both of
Scott+Scott, LLC
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