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May 28, 1997updated 05 Sep 2016 12:56pm

READ-RITE FACES CLASS ACTION OVER NEW PRODUCTS

By CBR Staff Writer

Milpitas-based disk head maker Read-Rite Corp is facing a further shareholder class action over statements made in April 1996 relating to the development of new products. The move comes on top of two prior actions brought in January this year which are still pending in the US District Court for the Northern District of California. The latest complaint alleges that the company and two of its officers and directors violated the federal securities laws by issuing false and misleading statements and omitting material facts regarding the company’s products, operations and financial performance. Specific accusations relate to statements made by Read-Rite on April 18th 1996 about its transition to the Tripad 2 recording head and development of its Tripad 3 product. The complaint also alleges the company later admitted that delays in the release of these products materially and adversely affected both the company’s revenues and gross profit margins.

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