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Clothing & roll maker Xerium to defend litigation over IPO of common stocks

10 Jun '06

2 min read

Xerium Technologies Inc, a leading global manufacturer of clothing and roll covers used primarily in the paper production process, announced that on June 7, 2006, a purported class action complaint was filed in the United States District Court for the District of Massachusetts by Parkside Capital Ltd.

On behalf of itself and all others similarly situated against Xerium Technologies Inc (the "Company"), the Company's Chief Executive Officer and the Company's Chief Financial Officer. The Company was served with the complaint on June 8, 2006.

The complaint concerns the Company's initial public offering of common stock and alleges violations of Sections 11 and 12(a)(2) and liability under Section 15 of the Securities Act of 1933. The Company believes that the complaint is without merit and intends to defend the litigation vigorously. Additional information is included in a current report on Form 8-K filed by the Company today with the Securities and Exchange Commission.

Xerium Technologies Inc is a leading global manufacturer and supplier of two types of products used primarily in the production of paper: clothing and roll covers.

The Company, which operates around the world under a variety of brand names, owns a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs.

With 36 manufacturing facilities in 15 countries around the world, Xerium Technologies has approximately 3,900 employees.

Xerium Technologies Inc

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