Louisiana and Miami Pension Fund Lead Plaintiffs Announce $139 Million Partial Settlement of Securities Litigation Against Symbol Technologies, Inc

Business Wire, June 3, 2004

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--June 3, 2004

The Louisiana Municipal Police Employees' Retirement System, Louisiana Sheriff's Pension & Relief Fund and City of Miami General Employees' & Sanitation Employees' Retirement Trust ("Lead Plaintiffs") announce that they have reached a settlement with Symbol Technologies, Inc. ("Symbol") and certain of its former directors and officers, on behalf of all persons or entities who purchased or acquired Symbol common stock from February 15, 2000 to October 17, 2002 (the "Class Period"), that will provide at least $139 million in stock and cash for class members. Symbol, based in Holtsville, N.Y., develops, manufactures, sells and services bar scanner-integrated mobile and wireless information management systems and services.

The Consolidated Amended Class Action Complaint in In re Symbol Technologies, Inc. Litigation, pending before the Honorable Leonard D. Wexler in the United States District Court for the Eastern District of New York, alleges that, during the Class Period, Symbol and certain of its former officers and directors intentionally inflated Symbol's quarterly and annual revenues and profits by prematurely recognizing millions of dollars in revenue through "channel stuffing," fabricated sales, and a variety of other means. The Complaint further alleges that Symbol and these individuals, at the end of each fiscal quarter, would artificially manufacture millions of dollars in last minute revenue by, among other things, shipping product on consignment and recognizing revenue months before products were constructed, configured or shipped to its clients. On September 16, 2003, the Court denied Defendants' motions to dismiss the Complaint.

If approved by the Court, the settlement will provide class members with Symbol common stock worth at least $96,250,000 and $5,750,000 in cash. In particular, Symbol has agreed to pay shares of Symbol common stock worth at least $96,250,000 at the time of distribution. If the value of the stock appreciates in the meantime, that additional value will be passed on to shareholders. The settlement also provides that the value of the stock will be protected down to 70% of its value. Moreover, Symbol has agreed to pay $1,750,000 in cash, and former CEO and Co-Founder Jerome Swartz has agreed to pay $4,000,000 in cash.

In addition, as a direct result of the concurrent efforts of the United States Government and its agencies and Lead Plaintiffs and Lead Counsel, Symbol also agreed to pay an additional $37,000,000 in cash into a Joint Compensation Fund, as payment to the United States Government and its agencies and in settlement of the class members' claims. The funds in the Joint Compensation Fund will be used only to pay the claims of class members.

Lead Plaintiffs are continuing to prosecute the claims against defendants Tomo Razmilovic, Kenneth J. Jaeggi, Frank Borghese, and Brian Burke, all of whom were officers of Symbol during the Class Period. In addition, Symbol's former auditor, Deloitte & Touche LLP, has been sued in a separate lawsuit.

Lead Plaintiffs are represented by the law firms of Bernstein Litowitz Berger & Grossmann LLP and Berman DeValerio Pease Tabacco Burt & Pucillo.