Symbol Technologies Announces Court Approval of Shareholder Settlement

Business Wire, Oct 21, 2004

HOLTSVILLE, N.Y. -- Symbol Technologies, Inc. (NYSE:SBL), The Enterprise Mobility Company(TM), today announced the United States District Court for the Eastern District of New York has approved the Company's shareholder class action lawsuit settlements that were announced on June 3, 2004. As part of the Pinkowitz and Hoyle shareholder class action settlements, Symbol has agreed to pay stock and cash totaling $98 million to the class. Symbol currently anticipates that it will distribute the settlement amount to class members in the second or third quarter of 2005.

"The court approval of Symbol's shareholder class action settlement is another positive step in the Company's efforts to resolve problems created by the Company's former management," said Peter Lieb, Symbol senior vice president and general counsel. "This approval now paves the way for Symbol to make its payment to the class, further restoring shareholder confidence and compensating members of the class for wrongdoing that occurred during the tenure of the former management team."

Shareholders of record during the period between February 15, 2000, and October 17, 2002, are members of the class. Affected shareholders who choose to participate in the settlement will be required to submit a claim form no later than October 29, 2004. Claim forms may be obtained by visiting www.symbolsettlement.com.

About Symbol Technologies

Symbol Technologies, Inc., The Enterprise Mobility Company(TM), is a recognized worldwide leader in enterprise mobility, delivering products and solutions that capture, move and manage information in real time to and from the point of business activity. Symbol enterprise mobility solutions integrate advanced data capture products, radio frequency identification technology, mobile computing platforms, wireless infrastructure, mobility software and world-class services programs under the Symbol Enterprise Mobility Services brand. Symbol enterprise mobility products and solutions are proven to increase workforce productivity, reduce operating costs, drive operational efficiencies and realize competitive advantages for the world's leading companies. More information is available at www.symbol.com.