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Tuesday, February 12, 2008 11:09:01 AM
Law firm accuses Orion of violating securities laws
A New York law firm that specializes in class-action cases Monday filed suit against Orion Energy Systems Inc. of Plymouth after the company's shares dropped sharply last week. The lawsuit is linked to the company's warning that sales would slow in this quarter as it invests in new products. Law firm Roy Jacobs & Associates said the company didn't adequately disclose its plans before an earnings conference call last week. Orion went public in December in an offering that raised $78 million. An Orion spokesman didn't return a call seeking comment. Orion shares, which traded above $14 a share Wednesday, dropped below $9 a share Thursday. The shares closed down 10 cents Monday at $9.
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