Science & Technology
Wed, October 27, 2010Tue, October 26, 2010Mon, October 25, 2010Sun, October 24, 2010Fri, October 22, 2010Thu, October 21, 2010Wed, October 20, 2010Tue, October 19, 2010Mon, October 18, 2010Fri, October 15, 2010Thu, October 14, 2010Wed, October 13, 2010Tue, October 12, 2010Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action Lawsuit against DynaVox, Inc.
Published in Science and Technology on Tuesday, October 19th 2010 at 11:00 GMT by Market Wire
NEW YORK--([ BUSINESS WIRE ])--Abraham, Fruchter & Twersky, LLP has been retained to file a class action lawsuit on behalf of a class (the aClassa) of all purchasers of DynaVox, Inc. (aDynaVoxa or the aCompanya) (NASDAQ:DVOX) stock issued pursuant to the registration statement and prospectus (collective, the aRegistration Statementa) filed with the Securities and Exchange Commission in connection with the Companya™s April 21, 2010 initial public offering (the aIPOa).
"the Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Companya™s long-term future operating potential."
The Complaint charges DynaVox and certain of the Companya™s executive officers with violating the federal securities laws by failing to disclose that the Company was experiencing a softening of demand for its speech generating devices and for its software products, which would cause DynaVoxa™s financial results to trend adversely compared to the trends included in the Registration Statement.
On September 30, 2010, DynaVox issued a press release disclosing these adverse facts, stating that during the Companya™s first quarter of fiscal year 2011, athe Company experienced a softening of demand for both its speech generating devices and software products. As a result, operating results for the fiscal first quarter will not be consistent with historical performance or indicative of what management believes to be the Companya™s long-term future operating potential.a
In a reaction to this news, shares of DynaVox declined $2.68 per share, or approximately 33%, to close on October 1, 2010 at $5.44 per share, on unusually heavy volume of more than 3.4 million shares traded. The stock sold approximately 9 million shares at $15 per share the day it went public, and is down from a high of $19.20 per share on June 16, 2010.
If you purchased DynaVox common stock in connection with the Companya™s IPO and you wish to serve as lead plaintiff in this action, you must move the Court no later than December 13, 2010. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at (800) 440-8986, or via e-mail at [ info@aftlaw.com ] or [ achen@aftlaw.com ].
Abraham, Fruchter & Twersky, LLP has extensive experience prosecuting securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
