A class action lawsuit will be filed tomorrow in U.S. District Court for the District of New Jersey on behalf of purchasers (the "Class") of Amplidyne, Inc., ("Amplidyne" or the "Company") (Nasdaq: AMPD) between September 9, 1999 and September 14, 1999 inclusive (the "Class Period").
Amplidyne designs, manufactures and sells ultra linear power amplifiers and related subsystems to the worldwide wireless telecommunications market.
The defendants include Amplidyne, Devendar Bains, Tarlochan Bains, Harris Freedman, and Sharon Will. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period. Defendants' scheme included rendering false and misleading statements and/or omissions concerning the present and future financial condition and business prospects of the Company, as well as the financial benefits that would enure to Amplidyne and its shareholders.

Update

This case has settled. To have shared in the recovery, you must have submitted a proof of claim by September 21, 2001. For more information, go to www.gilardi.com.