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NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP today filed a class action lawsuit in the United States District Court, District of Arizona, on behalf of all persons who acquired the common stock, sold put options, or bought call options of Syntax-Brillian Corporation (“BRLC” or the “Company”) (NASDAQ:BRLC - News) between May 3, 2007 and September 12, 2007, inclusive (the “Class Period”), against the Company and certain of its officers and directors, alleging violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §78j(b) and 78t(a) and the rules and regulations promulgated thereunder by the SEC, including Rule 10b-5, 17 C.F.R. §240.10b-5 (the “Class”).

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During the Class Period, Defendants issued to the investing public false and misleading financial statements and press releases concerning the Company’s publicly reported revenues, earnings, business operations and prospects, and true state of internal controls over financial reporting.

On September 12, 2007, after the market closed for trading, BRLC announced that calendar year revenues would be several hundreds of millions of dollars below previously issued guidance, that the Company suffered failures in its accounting systems requiring it to revise certain expense items, and that it identified a material weakness in controls related to the Company’s inventory process, revenue process, reserves and allowances process, income tax provision process and financial statement close procedures. The Company further disclosed that it was experiencing trouble securing sufficient supplies of panels, it did not have adequate financing to meet demand, and was experiencing difficulty in collecting its receivables in a prompt manner.

These disclosures, which contradicted much of the information Defendants issued to the market during the Class Period concerning the Company’s reported revenues and results, caused the Company’s stock to drop the next day from $6.13 to $4.01, or 35% on volume of 36 million shares (nearly 14 times the average daily volume).

As detailed in the complaint, BRLC insiders, however, faired far better than public stockholders. Indeed, while in possession of material, non-public information, defendants sold nearly $170 million worth of stock at inflated prices.

As a result of the dissemination of the false and misleading statements set forth in the complaint, the market price of BRLC securities was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of BRLC securities. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.

The case name is styled The Nagel Family Trust v. Syntax-Brillian Corporation, et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

If you purchased BLRC securities during the Class Period, you may request that the Court appoint you as lead plaintiff by January 15, 2008.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

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 70 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, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., Gustavo Bruckner, Esq. or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at www.whafh.com. All e-mail correspondence should make reference to BRLC.