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Stock Buyers Sue HPL Technologies For Overstating Its Revenues

By Staff Writer | Aug. 13, 2002
News

Litigation

Aug. 13, 2002

Stock Buyers Sue HPL Technologies For Overstating Its Revenues

Attorney Timothy J. Burke of Los Angeles' Stull, Stull & Brody filed suit on behalf of certain purchasers of HPL Technologies Inc. stock. According to the law firm, HPL misled investors and violated securities laws by overstating revenues between Oct. 2, 2001, and July 19, 2002.

        Attorney Timothy J. Burke of Los Angeles' Stull, Stull & Brody filed suit on behalf of certain purchasers of HPL Technologies Inc. stock. According to the law firm, HPL misled investors and violated securities laws by overstating revenues between Oct. 2, 2001, and July 19, 2002.
        HPL is facing a nearly identical suit filed in U.S. District Court for the Northern District of California by Little Rock, Ark.'s Cauley Geller Bowman & Coates.
        According to Cauley Geller, the price of HPL shares dropped from a high of $17.85 to as low as $4 a share following HPL's announcement that it was investigating accounting irregularities and that it had fired its chief executive officer and reassigned its chief financial officer.
        - From Staff Reports

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