HOUSTON, Jan. 13 /PRNewswire-FirstCall/ — Input/Output, Inc. (NYSE: IO)
today announced that it has learned that a putative class action lawsuit
styled Harold Read vs. Input/Output, Inc., et al, was filed against it and
three of its senior executives on January 12, 2005, in the United States
District Court for the Southern District of Texas, related to securities law
disclosures. Based on its initial review of the complaint, I/O believes the
lawsuit is without merit and intends to defend itself and its officers
I/O is the world’s leading, technology-only seismic services provider.
The company provides cutting-edge seismic acquisition equipment, software, and
planning and seismic processing services to the global oil and gas industry.
The company’s technologies are applied in both land and marine environments,
in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse
(4D) reservoir monitoring and full-wave imaging. I/O has offices in the
United States, Canada, Europe, China, Russia and the Middle East. Additional
information is available at http://www.i-o.com .
The information included herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements include, but are not limited to, the company’s beliefs and
intentions regarding the reported class action lawsuit or any other lawsuit
filed against it. All forward-looking statements reflect numerous assumptions
and involve a number of risks and uncertainties. These risks and
uncertainties include a ruling by a court that is adverse to the company’s
position and other uncertainties and matters beyond management’s control
inherent in legal proceedings. Additional risk factors, which could affect
actual results, are disclosed by the company from time to time in its filings
with the Securities and Exchange Commission, including its most recently filed
Form 10K and Form 10Q.
CONTACTS: J. Michael Kirksey
Chief Financial Officer
Jack Lascar, Partner
Karen Roan, Sr. Vice President
DRG&E / (713) 529-6600
SOURCE Input/Output, Inc.
CONTACT: J. Michael Kirksey, Chief Financial Officer of Input-Output,
Inc., +1-281-879-3672; or Jack Lascar, Partner, or Karen Roan, Sr. Vice
President, both of DRG&E, +1-713-529-6600, for Input-Output, Inc