Pinnaclemicro RCD-5040 Driver
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Pinnaclemicro RCD-5040 Driver
This is a class action on behalf of purchasers of the stock of Pinnacle Micro, Inc. The Company also revealed that it would be at Pinnaclemicro RCD-5040 months before it solved its manufacturing problems with its new Apex product and an operating loss would Pinnaclemicro RCD-5040 be incurred in the first quarter of Pinnacle Micro is a designer, manufacturer and supplier of optical storage systems for data intensive applications. The Company's history as a public company has been marked by repeated instances of Pinnaclemicro RCD-5040 financial statements and accounting irregularities.
The Pinnaclemicro RCD-5040 series of problems with the Company's accounting practices became public: This continued decline in Pinnacle Micro's stock price caused great concern among Pinnacle Micro's insiders. This concern was heightened because the insiders knew Pinnaclemicro RCD-5040 Pinnacle Micro's first quarter results would be lackluster.
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They knew if the Company reported a loss in the first quarter, it would Pinnaclemicro RCD-5040 that much more difficult to present the Company as a growing, successful firm. Thus, Pinnacle Micro's insiders began a scheme to manipulate its financial results, while at the same time assuring the market that its Pinnaclemicro RCD-5040 with accounting and financial reporting were resolved. Pinnacle also began to make false statements about the success of its new products and to compare itself favorably to the largest players in the data storage industry.
On May 22,Pinnacle Micro filed its Form Q for the quarter ended April 1, and included financial statements which had been artificially inflated due to the improper capitali- zation Pinnaclemicro RCD-5040 engineering expenses. In this manner the Company was able to minimize investor disappointment with Pinnaclemicro RCD-5040 first quarter results by reporting a break-even quarter instead of a loss.
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With the apparently successful first quarter Pinnaclemicro RCD-5040 as a backdrop the Individual Defendants were able to present the Company as a revitalized and growing company that had resolved its past accounting problems. The Company's stock started to climb substantially in July Pinnaclemicro RCD-5040 the Company represented that it was achieving market share Pinnaclemicro RCD-5040 as it was cutting prices on its existing products - 5 - while representing that its gross margins would increase by the fourth quarter of During Julythe Company also disclosed it would soon announce "a significant breakthrough in optical storage technology" and that the new product would be manufactured at a domestic plant in Colorado Springs which would result in higher margins.
On August 1,Pinnacle Micro announced the new product, called Apex, and claimed that the Company "[had] built what people want" and that these "[i]mprovements in optical technology.
The Company represented that its accounting problems were no longer an issue. The stock continued to climb when, in late Octoberthe Company announced third quarter results and stated that the recordable CD market was exploding and that it was expecting sales to continue growing rapidly. The Company continued during November to make highly positive statements regarding its Apex product, stating that Pinnacle Micro Pinnaclemicro RCD-5040 just getting off the launch pad with this technology.
The price per share retreated slightly in late November when an Pinnaclemicro RCD-5040 magazine reported that the Apex - 6 - product had not achieved Pinnaclemicro RCD-5040 performance thresholds promised by the Company.
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However, the defendants were able to prop up the stock at inflated levels throughout the remainder of the Class Period by representing that Pinnacle Micro was solving its production problems with Apex, that its fourth quarter earnings would meet prevailing estimates Pinnaclemicro RCD-5040 component shortages for Apex and that it was proceeding to execute agreements with distributors and manufacturers for sales of Apex in anticipation of early availability of the Pinnaclemicro RCD-5040.
Pinnacle Micro was not able to conceal its problems indefinitely, however, as its auditors refused to approve its year end financial statements and indicated Pinnaclemicro RCD-5040 were going to resign.
The auditors objected to the Company's capitalization of engineering costs in the first, second and third quarters of After its auditors resigned, the Pinnaclemicro RCD-5040 realized it was impossible to conceal any longer its engineering, manufacturing and component supply problems with Apex, as well as its prior falsifi- cation of its financial statements. The Company also revealed that due to problems it would Pinnaclemicro RCD-5040 report a loss in the first quarter of and that margins would continue to be pressured into the second quarter Pinnaclemicro RCD-5040 Investor reaction to the revelation that Pinnacle Micro had actually incurred substantial losses, was experiencing major production problems and that its auditor had resigned was immediate - 8 - and severe.
The positive statements about Pinnacle Micro's business during the Class Period were materially false and misleading. The truth was that: The Pinnaclemicro RCD-5040 below show the performance of Pinnaclemicro RCD-5040 Micro stock while defendants were issuing their false and misleading statements and the stock's collapse as the true facts were disclosed, and illustrate that, when compared to indices of Pinnaclemicro RCD-5040 stocks, the movement of Pinnacle Micro stock was largely due to Company specific information as opposed to industry or market factors: Many of the acts giving rise to the violations complained of occurred in this District.