This is a securities fraud class action lawsuit against GSI Group, Inc.
GSI Group supplies precision technology to medical, electronics, and industrial markets and semiconductor systems.
On December 4, 2008 GSI Group shocked investors when it announced that it would restate its financial statements for the first and second fiscal quarters of 2008. GSI Group revealed that revenue of approximately $8,982,000 recognized in the first fiscal quarter ended March 28, 2008 and revenue of approximately $7,194,000 recognized in the second fiscal quarter ended June 27, 2008 should have been deferred until the delivery of additional equipment in accordance with EITF 00-21 Revenue Arrangements with Multiple Deliverables. The GSI further disclosed that as a result, the Audit Committee of the Board of Directors of GSI Group had determined that the previously issued financial statements contained in GSI Group's Quarterly Reports on Form 10-Q for the periods ended March 28, 2008 and June 27, 2008 should no longer be relied upon.
On this news, shares of GSI Group declined $0.28 per share , or 29.17%, to close on December 4, 2008 at $0.68 per share, on unusually heavy volume.
Name (Stock Symbol)
GSI Group, Inc. (GSIG)
GSI Group Inc. supplies precision motion component products, lasers, and laser-based manufacturing systems to the electronics, semiconductor, medical, aerospace, and industrial markets.
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