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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Logitech International SA

  //science-technology.news-articles.net/content/2 .. tion-suit-against-logitech-international-sa.html
  Published in Science and Technology on Monday, May 23rd 2011 at 14:25 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/logitech/ ]) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Logitech International SA (aLogitecha or the aCompanya) (NASDAQ:LOGI) common stock between October 28, 2010 and April 1, 2011, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934 (the aExchange Acta).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffa™s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/logitech/ ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Logitech and certain of its officers and directors with violations of the Exchange Act. Logitech engages in the development and marketing of products in PC navigation, Internet communications, digital music, home-entertainment control, gaming, and wireless devices.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Companya™s true financial condition, business and prospects. Specifically, the complaint alleges: (a) that the Companya™s distributors were overstocked with inventory of certain product lines; (b) that the Companya™s pricing and promotional activity was not operating according to plan; (c) that demand for the Companya™s products in the Europe, Middle East and Africa markets was significantly declining far below internal expectations; and (d) as a result of the foregoing, defendantsa™ positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made.

On March 31, 2011, after the close of the market, Logitech issued a press release announcing that it had alowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million.a In response to this announcement, on April 1, 2011, the price of Logitech stock declined from $18.13 per share to $14.71 per share, or 19%, on extremely heavy trading volume.

Plaintiff seeks to recover damages on behalf of all purchasers of Logitech common stock during the Class Period (the aClassa). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.