On February 22, 2007, Shepherd, Finkelman, Miller & Shah (“SFMS”) and its co-lead counsel, The Edgar Law Firm, filed a Consolidated Second Amended Class Action Complaint in the United States District Court for the Middle District of Florida on behalf of its client, Kornitzer Capital Management, Inc. (“KCM”), which has been appointed by the Court as lead plaintiff and members of the proposed class, against Defendants, Faro Technologies, Inc., Simon Raab, Gregory Fraser, Barbara Smith and Grant Thornton, LLP, alleging violations of the federal securities laws.
The Class Period contained in the Consolidated Second Amended Complaint (“SAC”) includes all purchasers of Faro securities between 04/15/2004 and 03/15/2006. SFMS and its co-lead counsel amended the initial Consolidated Amended Complaint (“CAC”) on behalf of KCM and the Class in order to address certain suggestions contained in the February 3, 2007 Order issued by the Honorable David A. Baker, which subsequently was approved of by the Honorable Anne C. Conway on February 3, 2007, and which dismissed the case with leave to re-plead. The decision was made to file the SAC, rather than object to or appeal certain of the Court’s rulings with respect to the CAC, and, as a result of the extensive and continuing investigation with respect to Defendants’ alleged misconduct, which has been conducted on behalf of KCM and the Class, it was possible to incorporate significant, additional substantive information in the SAC, which was discovered following the filing of CAC, including additional details as to the role of the Individual Defendants and FARO’s auditor, Grant Thornton LLP, in the alleged wrongdoing and violations of the federal securities laws. SFMS believes that the SAC should survive any motions to dismiss filed by Defendants, which are expected to be filed on or about April 26, 2007, and is hopeful that discovery in this case can commence in 2007 after adjudication of Defendants’ motions to dismiss.
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