SLOTNICK, SHAPIRO & CROCKER, LLP Announce Lawsuit Against California Amplifier, Inc.

Apr 12, 2001, 01:00 ET from SLOTNICK, SHAPIRO & CROCKER, LLP

    NEW YORK, April 12 /PRNewswire/ -- The law firm of SLOTNICK, SHAPIRO &
 CROCKER, LLP announced today that it has filed a class action in the United
 States District Court for the Central District of California on behalf of all
 individuals and institutional investors that purchased the publicly traded
 securities of California Amplifier, Inc. ("California Amplifier" or the
 "Company") (Nasdaq:   CAMP) between April 7, 2000 and March 28, 2001, inclusive
 (the "Class Period").
     The Complaint charges that the Company and certain officers and directors
 thereof violated the [federal securities laws] [the Securities Exchange Act of
 1934] by providing materially false and misleading information about the
 Company's financial condition, and as a result of these false and misleading
 statements the Company's stock traded at artificially inflated prices during
 the Class Period.  On March 29, 2001, the Company announced that it will
 restate its fiscal 2000 financial statements because of accounting
 misstatements.  The press release issued in connection with the announcement
 stated, in part:
 
      "California Amplifier Inc. today announced that during preparation for
      the Company's fiscal year 2001 audit examination, the Company's corporate
      Controller abruptly resigned and advised by letter that in fiscal year
      2000 he made certain adjustments to the Company's accounting records that
      caused a reduction in recorded expenses which may have resulted in
      overstating net income for the fiscal year ended February 26, 2000 by as
      much as $2.2 million, or $.18 per basic share.  The Company is actively
      investigating the circumstances reported by the Controller but has not
      yet been able to reach any definitive conclusions as to the exact
      expenses or fiscal year 2000 quarters that are affected by this alleged
      overstatement.  Due to these developments, the previously scheduled
      release of earnings for the fourth quarter and the fiscal year ended
      March 3, 2001 on April 19, 2001 will be postponed to a future date to be
      announced.  If the investigation ultimately confirms an overstatement of
      income in fiscal year 2000, the Company will be required to restate its
      fiscal year 2000 consolidated financial statements."
 
     On this news, trading in California Amplifier shares was halted at
 $5.03 - or more than 90% lower than the Class Period high of $59.25.
 
     SLOTNICK, SHAPIRO & CROCKER, LLP is recognized as one of the nation's
 preeminent litigation firms, having represented both plaintiffs and defendants
 in trials throughout the United States.  Stephen D. Oestreich, who recently
 joined the Firm as Chairman of the Firm's Class Action Department, has been
 responsible, in more than 25 years of practice, for the recovery of hundreds
 of millions of dollars on behalf of shareholder class members.
 If you are a member of the proposed class as described above, would like
 further information on this lawsuit and/or to serve as a lead plaintiff of the
 class, and wish to discuss the claim or have any other questions concerning
 the matters set forth above, please contact
 
     Stephen D. Oestreich, Esq.
     SLOTNICK, SHAPIRO & CROCKER, LLP
     100 Park Avenue, 35th Floor
     New York, NY 10017
     Tel.: (212) 687-5000 or Toll Free:  1-888-367-5291
     Fax:  (212) 687-3080
     E-Mail:  soestreich@sscny.com
 
     If you wish to serve as one of the lead plaintiffs in this lawsuit, you
 must meet certain requirements and take appropriate action by May 29, 2001.
 You may contact the Firm at the above address; e-mail or phone members.
 
 

SOURCE SLOTNICK, SHAPIRO & CROCKER, LLP
    NEW YORK, April 12 /PRNewswire/ -- The law firm of SLOTNICK, SHAPIRO &
 CROCKER, LLP announced today that it has filed a class action in the United
 States District Court for the Central District of California on behalf of all
 individuals and institutional investors that purchased the publicly traded
 securities of California Amplifier, Inc. ("California Amplifier" or the
 "Company") (Nasdaq:   CAMP) between April 7, 2000 and March 28, 2001, inclusive
 (the "Class Period").
     The Complaint charges that the Company and certain officers and directors
 thereof violated the [federal securities laws] [the Securities Exchange Act of
 1934] by providing materially false and misleading information about the
 Company's financial condition, and as a result of these false and misleading
 statements the Company's stock traded at artificially inflated prices during
 the Class Period.  On March 29, 2001, the Company announced that it will
 restate its fiscal 2000 financial statements because of accounting
 misstatements.  The press release issued in connection with the announcement
 stated, in part:
 
      "California Amplifier Inc. today announced that during preparation for
      the Company's fiscal year 2001 audit examination, the Company's corporate
      Controller abruptly resigned and advised by letter that in fiscal year
      2000 he made certain adjustments to the Company's accounting records that
      caused a reduction in recorded expenses which may have resulted in
      overstating net income for the fiscal year ended February 26, 2000 by as
      much as $2.2 million, or $.18 per basic share.  The Company is actively
      investigating the circumstances reported by the Controller but has not
      yet been able to reach any definitive conclusions as to the exact
      expenses or fiscal year 2000 quarters that are affected by this alleged
      overstatement.  Due to these developments, the previously scheduled
      release of earnings for the fourth quarter and the fiscal year ended
      March 3, 2001 on April 19, 2001 will be postponed to a future date to be
      announced.  If the investigation ultimately confirms an overstatement of
      income in fiscal year 2000, the Company will be required to restate its
      fiscal year 2000 consolidated financial statements."
 
     On this news, trading in California Amplifier shares was halted at
 $5.03 - or more than 90% lower than the Class Period high of $59.25.
 
     SLOTNICK, SHAPIRO & CROCKER, LLP is recognized as one of the nation's
 preeminent litigation firms, having represented both plaintiffs and defendants
 in trials throughout the United States.  Stephen D. Oestreich, who recently
 joined the Firm as Chairman of the Firm's Class Action Department, has been
 responsible, in more than 25 years of practice, for the recovery of hundreds
 of millions of dollars on behalf of shareholder class members.
 If you are a member of the proposed class as described above, would like
 further information on this lawsuit and/or to serve as a lead plaintiff of the
 class, and wish to discuss the claim or have any other questions concerning
 the matters set forth above, please contact
 
     Stephen D. Oestreich, Esq.
     SLOTNICK, SHAPIRO & CROCKER, LLP
     100 Park Avenue, 35th Floor
     New York, NY 10017
     Tel.: (212) 687-5000 or Toll Free:  1-888-367-5291
     Fax:  (212) 687-3080
     E-Mail:  soestreich@sscny.com
 
     If you wish to serve as one of the lead plaintiffs in this lawsuit, you
 must meet certain requirements and take appropriate action by May 29, 2001.
 You may contact the Firm at the above address; e-mail or phone members.
 
 SOURCE  SLOTNICK, SHAPIRO & CROCKER, LLP