(PRWEB) February 23, 2005
Dallas, TX (PRWEB) February 23, 2005 Â The law firm of Baron & Budd, P.C. announces that a class action lawsuit was filed in the U.S. District Court for the Eastern District of New York on behalf of purchasers of Veeco Instruments, Inc. (Nasdaq: VECO) (ÂVeecoÂ or the ÂCompanyÂ) securities during the period between April 26, 2004 and February 10, 2005, inclusive (the Âclass periodÂ).
The complaint alleges that defendants violated federal securities laws through the CompanyÂs financial statements and defendantsÂ disclosures throughout the class period. Throughout the Class Period, defendants issued numerous positive statements and filed quarterly reports with the SEC that described how the acquisition of Emcore CorporationÂs TurboDiscÂ® Metal Organic Chemical Vapor Deposition business was increasing the financial performance of the Company.
These statements were materially false and misleading, the suit alleges, because the Company failed to disclose the following adverse facts: (1) that improper accounting procedures were in place in VeecoÂs TurboDisc division; (2) that these improper accounting procedures caused the Company to materially overstate its net revenue for the first three quarters of 2004 by at least $7.5 million; (3) that the Company lacked adequate controls and was therefore unable to ascertain its true financial condition; and (4) that as a result, the value of the CompanyÂs inventory, accounts payable, revenue, and net income were materially overstated at all relevant times.
Before the market opened on February 11, 2005, Veeco announced that it would delay the release of its fourth-quarter and its full year 2004 results while the Company conducted an internal investigation of the TurboDisc divisionÂs accounting practices.
This news shocked the market, and VeecoÂs shares fell to $16.96, down 10 percent from a previous closing price at $18.86.
Stockholders who acquired the securities of Veeco Instruments, Inc. during the Class Period and meet certain legal requirements, may, no later than April 18, 2005, move for appointment of lead plaintiff on behalf of the proposed class.
Stockholders who are members of this class and would like to take action in this suit are invited to visit Baron & Budd online at http://www.securitiesactions.com. Information on stockholdersÂ legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.:
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 70 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiffÂs bar.
The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions. For more information on the firm, call 1-800-222-2766 or visit http://www.baronandbudd.com.
Randall K. Pulliam, Esq. or Max Jodry, Baron & Budd, P.C.
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