Milberg Weiss Files Class Action Suit Against California Amplifier, Inc. Corporate NewsWire Press Release BizWiz Company News BizWizWire

Milberg Weiss Files Class Action Suit Against California Amplifier, Inc.

Milberg Weiss

Apr 04, 2001

Milberg Weiss (www.milberg.com/calamp) today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of California Amplifier, Inc. ("California Amplifier") (NASDAQ: CAMP) publicly traded securities during the period between April 7, 2000 and March28, 2001 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from March 30, 2001. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach or Darren Robbins of Milberg Weiss/California at 800/449-4900 or via e-mail at wsl@milberg.com. You can join this class action online at www.milberg.com/calamp.

The complaint charges California Amplifier with violations of the Securities Exchange Act of 1934. California Amplifier designs, manufactures and markets microwave components used in both defense and commercial markets. The Company's products are used for the amplification and conversion of microwave signals for satellite television, Global Positioning Satellite, wireless cable, two-way voice and data communications, and broadband applications.

On March 29, 2001, California Amplifier announced that it will restate its fiscal 2000 financial statements because of accounting misstatements. The press release issued in connection with the announcement stated, in part: "California Amplifier Inc. today announced that during preparation for the Company's fiscal year 2001 audit examination, the Company's corporate controller abruptly resigned and advised by letter that in fiscal year 2000 he made certain adjustments to the Company's accounting records that caused a reduction in recorded expenses which may have resulted in overstating net income for the fiscal year ended February 26, 2000 by as much as $2.2 million, or $.18 per basic share. The Company is actively investigating the circumstances reported by the controller but has not yet been able to interview the controller fully and, as a result, is unable at this time to reach any definitive conclusions as to the exact expenses or fiscal year 2000 quarters that are affected by this alleged overstatement. Due to these developments, the previously scheduled release of earnings for the fourth quarter and the fiscal year ended March 3, 2001 on April 19, 2001 will be postponed to a future date to be announced. If the investigation ultimately confirms an overstatement of income in fiscal year 2000, the Company will be required to restate its fiscal year 2000 consolidated financial statements." On this news, trading in California Amplifier shares was halted at $5.03 - or more than 90% lower than the Class Period high of $59.25.

Plaintiffs seek to recover damages on behalf of all purchasers of California Amplifier publicly traded securities during the Class Period (the "Class"). The plaintiffs are represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss website (www.milberg.com) has more information about the firm.

Contact: William Lerach
Contact Email: Available to BizWiz Members
Contact Tel: 800-449-4900

Alt. Contact Tel: 800-449-4900

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