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Short Take: PictureTel hit with lawsuit

PictureTel said it was hit with a class-action lawsuit stemming from the company's announcement that it would restate results for the Q3 and Q4 of 1996 and the Q1 of 1997. For Q1 97, revenue will drop $1.5 million and profit will decrease by $1.7 million. For fiscal 1996, revenue will drop by $12 million from previously reported results of $482.5 million. Profit will decline by $3 million to $4 million in fiscal 1996, about 6 to 8 percent of the previously reported figure of $51.7 million.

PictureTel said it was hit with a class-action lawsuit stemming from the company's announcement that it would restate results for the Q3 and Q4 of 1996 and the Q1 of 1997. For Q1 97, revenue will drop $1.5 million and profit will decrease by $1.7 million. For fiscal 1996, revenue will drop by $12 million from previously reported results of $482.5 million. Profit will decline by $3 million to $4 million in fiscal 1996, about 6 to 8 percent of the previously reported figure of $51.7 million.