Update In The Shareholder Class Action Lawsuit On Behalf Of Investors In Hardinge Inc. (Nasdaq:HDNG) Against Hardinge Inc. And Certain Executive Officers Over Alleged Violations Of Federal Securities Laws
New Shareholder Class Action Lawsuits +++ Deadline expires on December 26, 2008 +++ Go To -> www.ShareholdersFoundation & Never Miss A Deadline +++
There is a deadline coming up in the shareholder lawsuit on behalf of investors in Hardinge Inc. (Nasdaq:HDNG) against Hardinge Inc. and certain Executive Officers over alleged violations of Federal Securities Laws. The deadline will expire on December 26, 2008.
If you purchased purchased or otherwise acquired the securities of Hardinge Inc. (Nasdaq:HDNG), between February 22, 2007 and February 21, 2008 , you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
On Wednesday, October 29, 2008, a law firm has filed on behalf of a shareholder of Hardinge Inc. (Nasdaq:HDNG) a proposed class action lawsuit in the United States District Court for the Western District of New York on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of Hardinge Inc. (Nasdaq:HDNG), between February 22, 2007 and February 21, 2008 over alleged violations of federal securities laws. According to the complaint the plaintiff alleges that Hardinge Inc. and certain of Hardinge Inc.’s executive officers violated federal securities laws of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5 by issuing materially false and misleading statements concerning the Hardinge Inc. ’s business, operations and prospects, which caused its stock price to become artificially inflated.
The stockholder alleges that between February 22, 2007 and February 21, 2008defendants knew or recklessly disregarded that their public statements concerning Hardinge’s business, operations and prospects were materially false and misleading. Specifically on February 21, 2008, Hardinge Inc. shocked investors when it revealed that in the fourth quarter of the fiscal year ending December 31, 2007, Hardinge Inc. experienced a combination of prior period accounting adjustments and the negative impact of operational initiatives to reduce inventory which contributed to an unexpected loss in the fourth quarter of 2007 and Hardinge Inc.’s fourth quarter and full year 2007 earnings reflected a significant and unexpected reduction in its gross margin. In addition Hardinge Inc. announced plans to lower inventory by $20 million and to discount inventory of older product lines, both of which would continue to constrain the Company’s margins during the 2008 fiscal year and as a result of these news, Hardinge Inc.’s shares declined $4.16 per share, or 25.43 percent, to close on February 21, 2008 at $12.20 per share, on unusually heavy trading volume, so the lawsuit.
If you purchased purchased or otherwise acquired the securities of Hardinge Inc. (Nasdaq:HDNG), between February 22, 2007 and February 21, 2008 , you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
Shareholders Foundation, Inc.
Allen Trevor
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 Mail@ShareholdersFoundation.com www.ShareholdersFoundation.com
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