Law Firm Schoengold & Sporn Announces Class Action Lawsuit Against Del Global Technologies Corp

Business Wire, Nov 28, 2000

Business Editors, Legal Writers

NEW YORK--(BUSINESS WIRE)--Nov. 28, 2000

The following is an announcement by the law firm of Schoengold & Sporn, P.C.:

Schoengold and Sporn Announces Pendency of First-Filed

Lawsuit Against Del Global Technologies Corp.

On November 9, 2000, Schoengold & Sporn, P.C. filed the first of what has become several lawsuits now pending in the United States District Court for the Southern District of New York against Del Global Technologies Corp. ("Del Global" or the "Company") (NASDAQ: DGTC) and certain of the Company's key officers and directors on behalf of all purchasers of the common stock of Del Global during the period December 7, 1999 through and including November 6, 2000 (the "Time Period"). The case has been assigned to Judge Colleen McMahon. If you purchased Del Global stock during the Time Period, you may contact the undersigned at (212) 964-0046 or toll free at (800) 232-8092 or by e-mail at delgloballawsuit@aol.com to obtain more information to determine if you would like to participate in the lawsuit.

The complaint charges the defendants with violations of the anti-fraud provisions of the Securities Exchange Act of 1934, by, among other things, omitting material information and disseminating materially false and misleading statements concerning the Company and its financial condition, contained in public statements, filings with the Securities and Exchange Commission ("SEC") and press releases. On November 6, 2000, Del Global shocked the investment community when it announced that its net income for the fiscal year ending July 29, 2000 would be "substantially lower than its net income for Fiscal 1999 and that it would delay the filing of its Form 10-K with the Securities and Exchange Commission. It is expected that the Company will have to revise its fiscal 2000 quarterly results." The Company further announced that it "is currently conducting a review to determine if it will also be required to restate Fiscal 1999 results." As a result, throughout the Class Period, Del Global's financial statements were materially false and misleading in that they overstated revenue and net income. Following this announcement, trade in the Company shares was halted on Monday, November 6, 2000. In addition, Company insiders took advantage of their inside information and sold shares of Del Global stock at artificially inflated prices.

Plaintiff seeks to recover damages on behalf of class members, and is represented by the law firm of Schoengold & Sporn, P.C., 19 Fulton Street, Suite 406, New York, New York 10038, Tel. (212) 964-0046, Fax: 212-267-8137, E-Mail: DELGLOBALLAWSUIT@AOL.COM, WWW.SCHOENGOLDANDSPORN.COM, who have extensive experience and expertise prosecuting class actions on behalf of investors and shareholders.

Schoengold & Sporn, P.C. began specializing in shareholder class and derivative securities litigation in 1968, and courts have long noted the firm's experience and ability in complex securities litigation. The firm has been a lead counsel, co-lead counsel, or member of an Executive Committee in many complex securities class actions, including the highly publicized Wedtech securities case (member of the Executive Committee). The favorable $77.5 million Wedtech settlement was reported in the Wall Street Journal on February 10, 1992, page B6, as a:

"$77.5 million settlement . . . reached in a securities fraud

case stemming from the Wedtech scandal . . . The settlement with

29 defendants . . . is believed to be one of the largest ever in

a civil securities fraud case. . . `This is a global settlement,'

said Samuel Sporn, a plaintiffs' attorney at the New York law

firm Schoengold & Sporn. Mr. Sporn said the settlement represents

almost half of the more than $160 million in stocks and bonds

that Wedtech sold to the public between 1983 and 1986."

If you are a member of the class described above, you may seek to join in the above class action on or no later than sixty days from November 9, 2000, by moving the Court to serve as lead plaintiff. This is not a prerequisite to participation as a class member.

If you would like to further discuss your rights or receive an information packet, you may call collect or otherwise contact the undersigned, who will be pleased to assist:

Ashley Kim, Esq. Schoengold & Sporn, P.C. 19 Fulton Street, Suite 406 New York, New York 10038 Tel: (212) 964-0046 Fax: (212) 267-8137 Toll free: (800) 232-8092 E-Mail: DELGLOBALLAWSUIT@AOL.COM