Magistrate Judge Recommends that District Court Judge Not Dismiss the Securities Fraud Complaint Against FARO, Objection by FARO
09 August 2007 - 2:07AM
PR Newswire (US)
LAKE MARY, Fla., Aug. 8 /PRNewswire-FirstCall/ -- FARO
Technologies, Inc. (NASDAQ:FARO), the world market leader in
portable computer-aided measurement arms and laser tracker sales,
announced that a U.S. Magistrate judge for the Middle District of
Florida issued a Report and Recommendation to the U.S. District
Court for the Middle District of Florida to enter an order denying
FARO's and certain FARO officer's Motion to Dismiss the second
amended consolidated securities class action complaint filed
against FARO and certain FARO officers. The U.S. District Court has
not yet ruled on the Report and Recommendation or the Motion to
Dismiss. As previously disclosed by FARO, on May 16, 2006, a
consolidated class action complaint was filed against FARO, certain
FARO officers, and FARO's independent registered public accounting
firm, asserting purported claims under the federal securities laws.
On January 12, 2007, the U.S. Magistrate judge assigned to the
matter issued a Report and Recommendation that the consolidated
class action complaint be dismissed as against all defendants, with
leave to re-plead, which the U.S. District Court adopted on
February 3, 2007. On February 22, 2007, the plaintiff filed a
second amended consolidated class action complaint against FARO,
the individual defendants, and FARO's independent registered public
accounting firm. In May 2007, FARO, the individual defendants, and
FARO's independent registered public accounting firm filed motions
to dismiss the second amended class action complaint. On August 7,
2007, the U.S. Magistrate judge issued a Report and Recommendation
that the second amended class action complaint be dismissed against
the Company's independent registered public accounting firm but not
dismissed against FARO and the individual defendants. As permitted
by the applicable rules, FARO intends to timely file an objection
to the Report and Recommendation prior to the U.S. District Court
for the Middle District of Florida issuing a ruling on the Motion
to Dismiss. About FARO With more than 13,500 installations and
6,500 customers globally, FARO Technologies, Inc. designs,
develops, and markets portable, computerized measurement devices
and software used to create digital models - or to perform
evaluations against an existing model - for anything requiring
highly detailed 3-D measurements, including part and assembly
inspection, factory planning and asset documentation, as well as
specialized applications ranging from surveying, recreating
accident sites and crime scenes to digitally preserving historical
sites. FARO's technology increases productivity by dramatically
reducing the amount of on-site measuring time, and the various
industry-specific software packages enable users to process and
present their results quickly and more effectively. Principal
products include the world's best-selling portable measurement arm
- the FaroArm; the world's best-selling laser tracker - the FARO
Laser Tracker; the FARO Laser ScanArm; FARO Laser Scanner LS; the
FARO Gage, Gage- PLUS and PowerGAGE; and the CAM2 family of
advanced CAD-based measurement and reporting software. FARO
Technologies is ISO-9001 certified and ISO-17025 laboratory
registered. Learn more at http://www.faro.com/ DATASOURCE: FARO
Technologies, Inc. CONTACT: Darin Sahler, Global PR Manager of FARO
Technologies, Inc., +1-407-333-9911, Web site: http://www.faro.com/
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