Wolf Haldenstein Adler Freeman and Herz LLP Commences Keithley Instruments Class Action

Apr 16, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman & Herz LLP

    NEW YORK, April 16 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that it filed a class action lawsuit in the United States
 District Court for the Northern District of Ohio on behalf of all purchasers
 of Keithley Instruments, Inc ("KEITHLEY" or the "Company") (NYSE:   KEI)
 securities during the period between January 18, 2001 and March 9, 2001,
 inclusive (the "Class Period") against Keithley and its Chairman, President
 and Chief Executive Officer, Joseph P. Keithley.
     The case name and index number are Moore v. Keithley Instruments, Inc.
 (01-CV-890), and is before Judge Baughman.  A copy of the complaint filed in
 this action is available from the Court, or can be viewed on the Wolf
 Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com.
     The complaint alleges that the defendants violated federal securities
 laws.
     Keithley provides electrical measurement solutions, including advanced
 hardware and software for process monitoring, production test and basic
 research, to the telecommunications, semiconductor, optoelectronics and other
 electronic component industries.
     Specifically, the complaint alleges that during the Class Period, Keithley
 Inc. and, Joseph P. Keithley, Chairman, President and Chief Executive Officer
 of Company, misrepresented that Keithley Instruments would achieve significant
 earnings and revenue growth for the second quarter ended March 31, 2001 over
 the record earnings and revenues the Company achieved in the first quarter
 ended December 31, 2000, based on the Company's "record backlog."  These
 misrepresentations caused the price of the stock to be artificially inflated
 during the Class Period.  Defendant Joseph P. Keithley sold more than 54,000
 of his own shares at nearly $3.2 million during this period.  Moreover, other
 company insiders also sold over $5 million worth of their own shares.
     The complaint further alleges that Keithley's statements were false and
 misleading due to the fact that defendants were aware that Keithley's orders
 on new equipment were declining and that they had received cancellations of
 some previously placed orders.  In addition, the complaint alleges that
 Keithley's statements regarding it's backlog were false and misleading due to
 the fact that backlogged orders were subject to being cancelled or delayed by
 Keithley's customers.
     On March 12, 2001, the truth was revealed when the Company revised
 Keithleys' revenue and EPS guidance sharply downward.  This caused Keithley's
 stock price to plunge from $20.76 on March 9, 2001 to close at $14.95 per
 share on March 12, 2001.
     If you purchased Keithley securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 25, 2001.  A lead
 plaintiff is a representative party that acts on behalf of other class members
 in directing the litigation.  In order to be appointed lead plaintiff, the
 Court must determine that the class member's claim is typical of the claims of
 other class members, and that the class member will adequately represent the
 class.  Under certain circumstances, one or more class members may together
 serve as "lead plaintiff."  Your ability to share in any recovery is not,
 however, affected by the decision whether or not to serve as a lead plaintiff.
 Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq.,
 George Peters, Michael Miske, Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 16 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that it filed a class action lawsuit in the United States
 District Court for the Northern District of Ohio on behalf of all purchasers
 of Keithley Instruments, Inc ("KEITHLEY" or the "Company") (NYSE:   KEI)
 securities during the period between January 18, 2001 and March 9, 2001,
 inclusive (the "Class Period") against Keithley and its Chairman, President
 and Chief Executive Officer, Joseph P. Keithley.
     The case name and index number are Moore v. Keithley Instruments, Inc.
 (01-CV-890), and is before Judge Baughman.  A copy of the complaint filed in
 this action is available from the Court, or can be viewed on the Wolf
 Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com.
     The complaint alleges that the defendants violated federal securities
 laws.
     Keithley provides electrical measurement solutions, including advanced
 hardware and software for process monitoring, production test and basic
 research, to the telecommunications, semiconductor, optoelectronics and other
 electronic component industries.
     Specifically, the complaint alleges that during the Class Period, Keithley
 Inc. and, Joseph P. Keithley, Chairman, President and Chief Executive Officer
 of Company, misrepresented that Keithley Instruments would achieve significant
 earnings and revenue growth for the second quarter ended March 31, 2001 over
 the record earnings and revenues the Company achieved in the first quarter
 ended December 31, 2000, based on the Company's "record backlog."  These
 misrepresentations caused the price of the stock to be artificially inflated
 during the Class Period.  Defendant Joseph P. Keithley sold more than 54,000
 of his own shares at nearly $3.2 million during this period.  Moreover, other
 company insiders also sold over $5 million worth of their own shares.
     The complaint further alleges that Keithley's statements were false and
 misleading due to the fact that defendants were aware that Keithley's orders
 on new equipment were declining and that they had received cancellations of
 some previously placed orders.  In addition, the complaint alleges that
 Keithley's statements regarding it's backlog were false and misleading due to
 the fact that backlogged orders were subject to being cancelled or delayed by
 Keithley's customers.
     On March 12, 2001, the truth was revealed when the Company revised
 Keithleys' revenue and EPS guidance sharply downward.  This caused Keithley's
 stock price to plunge from $20.76 on March 9, 2001 to close at $14.95 per
 share on March 12, 2001.
     If you purchased Keithley securities during the class period, you may
 request that the Court appoint you as lead plaintiff by May 25, 2001.  A lead
 plaintiff is a representative party that acts on behalf of other class members
 in directing the litigation.  In order to be appointed lead plaintiff, the
 Court must determine that the class member's claim is typical of the claims of
 other class members, and that the class member will adequately represent the
 class.  Under certain circumstances, one or more class members may together
 serve as "lead plaintiff."  Your ability to share in any recovery is not,
 however, affected by the decision whether or not to serve as a lead plaintiff.
 Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country.  The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach.  The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq.,
 George Peters, Michael Miske, Fred Taylor Isquith, Esq.), via e-mail at
 classmember@whafh.com or visit our website at http://www.whafh.com
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP