Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit

18 August 2005

Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/symbol/) today announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Symbol Technologies, Inc. ("Symbol") (NYSE:SBL) securities during the period between May 10, 2004 and August 1, 2005 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or 619/231-1058 or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/symbol/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Symbol and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Symbol engages in the design, development, manufacture, and service of products and systems used in enterprise mobility solutions.

The complaint alleges that, throughout the Class Period, defendants issued numerous positive statements about the Company's performance and future prospects. As alleged in the Complaint, these statements were materially false and misleading because defendants failed to disclose and/or misrepresented the following adverse facts, which were known, or recklessly disregarded by them, at all relevant times: (a) that Symbol had inadequate and deficient internal and financial controls; (b) that Symbol's reported expenses were understated; (c) that Symbol had massive overcapacity, inefficient operations and obsolete assets; (d) that Symbol was experiencing declining demand for its products; and (e) as a result of the foregoing, defendants' statements concerning the Company's financial prospects were lacking in a reasonable basis at all relevant times.

As the market learned the true information about Symbol, the inflation caused by Defendants' misrepresentations was removed and the price of Symbol common stock fell by nearly 50% from its Class Period high.

Plaintiff seeks to recover damages on behalf of all purchasers of Symbol securities during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Lerach Coughlin, a 150-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.

Source: BusinessWire

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