Weiss & Lurie Announces Class Action Lawsuit Against Sierra Wireless, Inc.

Weiss & Lurie Announces Class Action Lawsuit Against Sierra Wireless, Inc.

LOS ANGELES, Feb. 7 /PRNewswire/ -- The law firm of Weiss & Lurie announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of California, entitled Goodman v. Sierra Wireless, Inc., et al., on behalf of persons who acquired the common stock of Sierra Wireless, Inc., (Nasdaq: SWIR; TSX: SW) ("Sierra" or "Company") between January 28, 2004 and January 26, 2005 inclusive (the "Class Period").

The Complaint alleges that Sierra and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statements concerning the Company's financial results and business condition while failing to disclose material adverse facts, including that Sierra's revenues from its PC card products would decrease because channel partners and customers held excess inventory; that excess inventory of PC cards held by the Company's channel partners and customers would lead to reduced orders and sales in future quarters; that Sierra's dependence on revenue from sales of its embedded module products to palmOne for its Treo PDA product was greater than had been disclosed; that Sierra faced increased competition in the PC card market; and that Sierra's recent introduction of its new Voq professional phone product added little revenue while it damaged the Company's relationship with a prime customer, palmOne, because the Voq product would compete with palmOne's Treo.

On January 27, 2005, Sierra's stock plummeted 38% to $8.97, one day after the Company issued a press release announcing that its revenue and earnings per share for the fourth quarter of 2004 were below previous guidance, and that the Company expected a steep decline in revenue, and a net loss, in the first quarter of 2005. Plaintiff seeks to recover damages on behalf of the class and is represented by Weiss & Lurie. The firm, with offices in New York and Los Angeles, has extensive experience in complex litigation, particularly securities class actions, and has been appointed lead class counsel in numerous consolidated and multi-district cases.

If you are a member of the class as described above, you may move the Court no later than April 4, 2005, to serve as a lead plaintiff for the class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by your decision whether or not to serve as a lead plaintiff. You may retain Weiss & Lurie, or other counsel of your choice, to serve as your counsel in this action.

For more information about the case, its claims, and your rights, please contact Zev B. Zysman, Esq., at Weiss & Lurie; telephone: (800) 437-7918 or by e-mail at info@wllawca.com. To view a copy of the Complaint please visit our website: http://www.wllawca.com/.


Source: Weiss & Lurie

CONTACT: Zev B. Zysman, Esq. of Weiss & Lurie, +1-800-437-7918,
info@wllawca.com

Web site: http://www.wllawca.com/


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