Milberg Weiss Announces The Filing Of A Class Action Suit on Behalf of Purchasers of the Securities of PerkinElmer, Inc

The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between July 15, 2001 and April 11, 2002. According to the complaint, PerkinElmer issued numerous press releases regarding its performance during the Class Period which represented that the Company was successfully growing its revenues and earnings, that the Company's transformation into a provider of health-related products and services was proceeding successfully and that the Company would meet its financial performance targets for 2002. The complaint further alleges that these, and other, representations were materially false and misleading because they failed to disclose that PerkinElmer was experiencing a decline in the demand for its products, especially at its Optoeletronics division, the Company was carrying tens of millions of dollars of obsolete inventory on its books and the Company's expenses were soaring due to the spate of numerous acquisitions and divestitures it had undertaken. On March 1, 2002, PerkinElmer issued a press release revealing that first quarter of 2002 revenues and earnings would be materially less than the Company had represented its figures would be only three weeks earlier. In reaction to the announcement, the price of PerkinElmer's common stock plummeted by 31%. The full truth regarding PerkinElmer's business was not fully disclosed until April 11, 2002, when the Company issued a press release revealing that its reported earnings will be breakeven, instead of the figure of $0.16-$0.17 per share that the Company had stated, on March 1, it expects to earn, and that its revenues will decline in the first quarter of 2002 because of weakness in all of its division. In reaction to the announcement, PerkinElmer's stock plummeted by another 28%, falling from $16.70 per share on April 10, 2002 to $12.04 by the close of April 11, on extremely heavy trading volume. The individual defendants and other PerkinElmer insiders sold a total of 595,000 PerkinElmer common stock during the Class Period, reaping gross proceeds in excess of $18.4 million and the Company completed a significant acquisition using its common stock as currency.

If you bought the securities of PerkinElmer between July 15, 2001 and April 11, 2002, you may, no later than September 6, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.