Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of purchasers of the common stock of Light Management Group, Inc. ('LMG' or the 'Company') [OTCBB:LMGR] between June 9, 1999 and November 20, 2001, inclusive, (the 'Class Period') against defendants LMG, certain of its officers and directors, and two of its independent auditors, James E. Slayton, CPA, and Feldman, Sherb & Co., P.C.

The case name and index number is Sible v. Light Management Group, et al, (02-CV-4905). If you wish to read a copy of the complaint, please click the Complaint link.

The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities.

During the Class Period, financial results for fiscal 1999 were restated twice, while the first, second, and third quarter financial results in 2000 were each individually restated once. Furthermore, the fiscal 2000 year-end results were restated as well. The Complaint alleges that the Independent Auditor Defendants, Slayton (auditor for fiscal 1999) and Feldman Sherb (auditor for fiscal 2000) falsely represented that year-end results had been presented in compliance with generally accepted accounting principles ('GAAP') established from an audit that was supposedly operated pursuant to generally accepted auditing standards ('GAAS'). Moreover, it is further alleged that LMG falsely stated that it had received commitments for outside funding. Additionally, LMG deceptively represented that backlog orders for its outdoor media projection systems had increased by $20 million.

Additional cases were filed on behalf of investors. On July 1, 2002, motions were made to consolidate the various cases and appoint lead plaintiff and counsel. Lead plaintiff and counsel have been appointed. An amended complaint was filed on October 22, 2002, followed by motions to dismiss. On May 7, 2004, all claims in plaintiffs' consolidated amended complaint were dismissed as against defendant Feldman, Sherb & Co., P.C., with prejudice, which plaintiffs moved to appeal. On June 7, 2005, the circuit court judge affirmed the lower courts decision. Motions to dismiss concerning other defendants were denied.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, or by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gustavo Bruckner, Esq., Michael Miske, Esq., George Peters, Esq., or Derek Behnke).