HARTFORD, Conn., Aug. 15, 2007 – LAWFUEL – The Legal Newswire — The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of all persons who purchased the common stock of Pall Corp. (“Pall”)
(Nasdaq:PLL) between April 20, 2007 and August 2, 2007, inclusive (the “Class Period”).
The Complaint charges that Pall and certain of its officers and directors violated federal securities laws. Specifically, defendants issued materially false and misleading statements and failed to
disclose: (i) that Pall was materially overstating its financial results by understating its tax liability; and (ii) that the Company’s reported effective tax rate was materially inaccurate as the Company was materially understating its tax liability as it has now admitted.
On July 19, 2007, Pall announced that the Audit Committee of its Board of Directors had commenced an inquiry into a possible material understatement of U.S. income tax payments and of its provision for income taxes in certain prior periods beginning with fiscal year ended July 31, 1999. In response, Pall common stock declined from $48.78 to
$41.11 per share. Then, on August 2, 2007, Pall announced that its financial statements for fiscal years 1999 through 2006 and for each of the fiscal quarters ended October 31, 2006, January 31, 2007, and April 30, 2007 “should no longer be relied upon and that a restatement of some or all of those financial statements will be required.”
Furthermore, Pall reported that the Company could owe up to $130 million in back taxes not including interest and penalties. On this news, shares of the Company’s stock fell $1.21 per share, or 3%, to close at $39.90 per share.
If you are a member of the class, you may, no later than October 15, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
