January 9, 2004 – Three law firms have filed class-action suits against Ibis Technology Corp., Danvers, MA, and its president and CEO Martin Reid, concerning alleged misrepresentations about the company’s SIMOX-SOI implantation business.

The law firms of Goodkind, Labaton, Rudoff, and Sucharow (New York), Bernard M. Gross (Philadelphia), and Shapiro, Haber, and Urmy (Boston) allege that Ibis’ stock was artificially inflated through misrepresentations about its implanter and smaller-size wafer production line, for which the company plans to record an impairment charge.

Also at issue is the company’s admission in 4Q03 that pending orders from Japanese wafer manufacturers would be delayed.