Izard Nobel LLP Announces Class Action Lawsuit Against AuthenTec, Inc.

2008-10-11 00:36:02 -

- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Florida on behalf of those who purchased or otherwise acquired the securities of AuthenTec ("AuthenTec" or the "Company") (NASDAQ: AUTH) between April 28, 2008 and September 5, 2008, inclusive (the "Class Period").

The Complaint charges that AuthenTec and certain of its officers and directors violated federal securities laws by making false and misleading statements concerning AuthenTec's business and operations. Specifically, the Complaint alleges that defendants' failed to disclose or indicate the following: (i) that the Company's sales growth was slowing; (ii) that AuthenTec was flooding its customers with inventory; (iii) as such, the Company's financial results were materially inflated; (iv) that AuthenTec lacked effective internal controls; and (v) as a result, defendant's statements during the Class Period regarding the Company's financial results and revenue growth lacked a reasonable basis.

If you are a member of the class, you may, no later than December 8, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at firm@izardnobel.com, or visit our website: www.izardnobel.com.

Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499
Website: www.izardnobel.com
e-mail: firm@izardnobel.com