Measurement Specialties resumes trading

June 6, 2002 — Measurement Specialties Inc. said trading of its common stock resumed Wednesday on the American Stock Exchange after a nearly four-month suspension.

Trading of the MEMS-based sensor maker’s stock was halted in February after the company decided to delay filing its quarterly report. The company said it needed to evaluate whether to restate earnings for most of 2001.

The firm also announced it had defaulted on bank loans and formed a special committee to investigate the conduct of its chief financial officer, who later was fired for failing to provide timely or accurate information about the default issues. Additionally, the committee probed stock sales by the CFO and chief executive officer, which led to revised standards for buying and selling stock by employees.

Lawyers have filed several class action lawsuits against the company, alleging violations of federal securities laws. The firm has been charged with, among other things, improperly recognized revenues and overstated inventories that led to falsely enhanced financial results.

Measurement Specialties said it will “vigorously defend” against the lawsuits.


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