FARO Announces Court Case Will Move Forward
September 19 2007 - 4:50AM
PR Newswire (US)
LAKE MARY, Fla., Sept. 19 /PRNewswire-FirstCall/ -- FARO
Technologies, Inc. (NASDAQ:FARO), the world market leader in
portable computer-aided measurement arms and laser tracker sales,
announced today that the U.S. District Court for the Middle
District of Florida has denied FARO's and the individual
defendants' motion to dismiss the consolidated second amended
securities class action complaint, as filed against FARO and those
individuals. "The court stated that it was required to accept as
true the allegations of the complaint, and to construe all
reasonable inferences therein in the light most favorable to the
plaintiff. Although we are disappointed with the decision, we also
realize that the court did not rule upon the merits of the lawsuit,
but simply allowed it to proceed. We continue to believe that the
plaintiff's claims are without merit, and we intend to vigorously
defend against them," said Jay Freeland, the Company's President
and Chief Executive Officer. About FARO With more than 13,500
installations and 6,500 customers globally, FARO Technologies, Inc.
designs, develops, and markets portable, computerized measurement
devices and software used to create digital models - or to perform
evaluations against an existing model - for anything requiring
highly detailed 3-D measurements, including part and assembly
inspection, factory planning and asset documentation, as well as
specialized applications ranging from surveying, recreating
accident sites and crime scenes to digitally preserving historical
sites. FARO's technology increases productivity by dramatically
reducing the amount of on-site measuring time, and the various
industry-specific software packages enable users to process and
present their results quickly and more effectively. Principal
products include the world's best-selling portable measurement arm
- the FaroArm; the world's best-selling laser tracker - the FARO
Laser Tracker; the FARO Laser ScanArm; FARO Laser Scanner LS; the
FARO Gage, Gage- PLUS and PowerGAGE; and the CAM2 family of
advanced CAD-based measurement and reporting software. FARO
Technologies is ISO-9001 certified and ISO-17025 laboratory
registered. Learn more at http://www.faro.com/ Statements in this
press release that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties or other factors that may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that might cause such a difference include
those set forth under "Risk Factors" in the Company's Annual Report
on Form 10-K for the most recently ended fiscal year and other
statements contained in FARO's other filings with the Securities
and Exchange Commission. Forward-looking statements in this press
release represent FARO's judgment as of the date of this release.
FARO undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise. DATASOURCE: FARO Technologies, Inc.
CONTACT: Darin Sahler, Global PR Manager of FARO Technologies,
Inc., +1-407-333-9911, Web site: http://www.faro.com/
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