Presstek Says Securities Class Action Suit Without Merit
Thursday, August 28, 2003
HUDSON, N.H., Aug. 27 -- Presstek, Inc. today announced that the company, together with its former Chief Executive Officer Robert W. Hallman, and former Chief Financial Officer Neil Rossen, have been named as defendants in a purported securities class action suit filed in the United States District Court for the District of New Hampshire. The suit claims to be brought on behalf of purchasers of Presstek's common stock during the period from December 10, 1999 through July 16, 2001. The complaint alleges, among other things, that the company inadequately described its arbitration proceeding with Heidelberger Druckmaschinen, A.G., which began in December 1999 and was settled in July 2001, and challenges the timing of the company's disclosure of certain warranty expenses associated with its Dimension series of computer-to-plate products. The company believes the allegations are without merit and intends to vigorously defend them.