Concord Camera Corp.
Berger Montague served as lead counsel in a securities class action filed in the United States District Court for the Southern District of Florida against defendant Concord Camera Corp. (“Concord”) and several of its officers seeking damages on behalf of the class for violations of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and against the officers of the Company for violations of Section 20(a) of the Securities and Exchange Act of 1934. The complaint alleged defendants made materially false and misleading statements regarding: (1) the decline in demand of single use cameras from its largest customer, Kodak; (2) the unprofitability in the digital camera market; (3) problems related to its inventory valuation; and (4) its inadequate internal controls; and that these false and misleading statements caused Concord’s stock to steadily decline.
The parties agreed to settle the action for $2,000,000. The district court finally approved the settlement on June 16, 2008. All shareholders who held Concord common stock from August 14, 2003 to August 31, 2004, inclusive, may qualify for a recovery from this settlement fund if the settlement is approved.