Vitesse-Related Shareholder Class Action Dismissed Against
Nu Horizons Electronics Corp. and Subsidiary
Melville, NY - January 28, 2008 - Nu Horizons Electronics Corp. (Nasdaq:NUHC) announced today that the class-action against both Nu Horizons and its wholly-owned subsidiary Titan Supply Chain Services Corp. as co-defendants, which was previously commenced by a group of Vitesse shareholders, has been dismissed against Nu Horizons and Titan. The judge presiding over the action cited the recent Supreme Court decision in Stoneridge Investment v. Scientific-Atlanta, Inc. et al as controlling and foreclosing the plaintiff's attempt to plead liability on the part of Nu Horizons and Titan for Vitesse’s alleged financial misstatements. The action was dismissed with prejudice, although the plaintiffs have the ability to appeal the court’s decision.
About Nu Horizons Electronics Corp.
Nu Horizons Electronics Corp. is a leading global distributor of advanced technology semiconductor, display, illumination, power and system solutions to a wide variety of commercial original equipment manufacturers (OEMs) and Electronic Manufacturing Services providers (EMS). With sales facilities in 51 locations across North America, Europe and Asia and regional logistics centers throughout the globe, Nu Horizons partners with a limited number of best-in-class suppliers to provide in-depth product development, custom logistics and life-cycle support to its customers. Information on Nu Horizons and its services is available at http://www.nuhorizons.com.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information contained herein, the matters set forth in this news release are forward looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to Nu Horizons or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Nu Horizons’ management, as well as assumptions made by and information currently available to its management. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for electronic products, the amount of sales of the Company’s products, the competitive environment within the electronics industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company’s expansion efforts, the financial strength of the Company’s customers and suppliers and risks related to the pending Vitesse-related SEC investigation. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. Such statements reflect our current view with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to Nu Horizons’ financial condition, results of operations, growth strategy and liquidity. The Company does not undertake any obligation to update its forward-looking statements.
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