Cauley Geller Announces Class Action Lawsuit Against Silicon Image, Inc. on Behalf of Investors
25 December 2003 - 2:01AM
PR Newswire (US)
Cauley Geller Announces Class Action Lawsuit Against Silicon Image,
Inc. on Behalf of Investors NEW YORK, Dec. 24
/PRNewswire-FirstCall/ -- The Law Firm of Cauley Geller Bowman
& Rudman, LLP announced today that a class action lawsuit has
been filed in the United States District Court for the Northern
District of California on behalf of purchasers of Silicon Image,
Inc. ("Silicon Image" or the "Company") publicly traded securities
during the period between April 15, 2002 and November 15, 2003,
inclusive (the "Class Period"). A copy of the complaint filed in
this action is available from the Court, or can be viewed on the
firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=211&pcode=10&pp=4
. The complaint charges Silicon Image, David Lee, Steve Tirado, and
Robert Gargus with violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder. More specifically, the Complaint alleges that
defendants failed to disclose and indicate: (1) that Silicon Image
had materially overstated its net income and earnings per share;
(2) that the Company improperly recognized revenue in the form of
licensing agreements, which had been materially overstated; (3)
that Silicon Image's financial results were in violation of
Generally Accepted Accounting Principals ("GAAP"); and (4) that
Silicon Image lacked adequate internal controls and was therefore
unable to ascertain the true financial condition of the Company. On
November 14, 2003, the Company announced that its Form 10-Q for the
quarter ended September 30, 2003, which was due to be filed with
the SEC on November 14, 2003, would not be timely filed because an
ongoing examination was being conducted by its Audit Committee. The
Company further stated that Silicon Image's Audit Committee, with
the assistance of independent outside counsel and outside
consultants, recently began examining certain matters, principally
the Company's recognition of revenue associated with certain
licensing transactions in 2003 and 2002. The market reacted swiftly
to the news with shares of Silicon Image falling more than 27.7
percent to close at $6.40 per share on extremely heavy volume. If
you bought Silicon Image publicly traded securities between April
15, 2002 and November 15, 2003, inclusive, and you wish to serve as
lead plaintiff, you must move the Court no later than February 13,
2004. If you are a member of this class, you can join this class
action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any
member of the purported class may move the Court to serve as lead
plaintiff through Cauley Geller or other counsel of their choice,
or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It
is one of the country's premiere firms in the area of securities
fraud, with in-house finance and forensic accounting specialists
and extensive trial experience. Since its founding, Cauley Geller
has recovered in excess of two billion dollars on behalf of
aggrieved shareholders. The firm maintains offices in Boca Raton,
Little Rock and New York. If you have any questions about how you
may be able to recover for your losses, or if you would like to
consider serving as one of the lead plaintiffs in this lawsuit, you
are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/ . Contact: CAULEY GELLER
BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A.
Rosenfeld, Esq. Client Relations Department: Jackie Addison,
Heather Gann or Chandra West P.O. Box 25438 Little Rock, AR
72221-5438 Toll Free: 1-888-551-9944 Fax: 1-501-312-8505 E-mail:
DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel
H. Rudman, Esq., or David A. Rosenfeld, Esq., both of Cauley Geller
Bowman & Rudman, LLP, +1-631-367-7100 Web site:
http://www.cauleygeller.com/
http://www.cauleygeller.com/show_case.asp?ccode=211&pcode=10&pp=4
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1
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