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Electronics Production | January 17, 2007

Class Action suit filed against Celestica

Lerach Coughlin Stoia Geller Rudman & Robbins LLP has announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Celestica Inc. securities during the period between July 27, 2006 and December 12, 2006.
According to the complaint, throughout the Class Period defendants issued numerous statements describing the company's financial performance and future prospects, which they attributed, in part, to success of the company's restructuring activities and improvements in the Mexican and European operations.

The complaint alleges that these statements were materially false and misleading when made because defendants failed to disclose and/or misrepresented the following adverse facts, among others: that the company was experiencing declining demand in its Mexican operations and that division was carrying significant amounts of unneeded inventory which would have to be written off; that the company was experiencing declining demand in its Information Technology and communications market segments as its larger customers scaled back purchases; and as a result of the foregoing, there was no reasonable basis to project adjusted earnings per share ranging from $0.12 to $0.20. When this undisclosed information later became public, shares of Celestica common stock declined.

Damages on behalf of all purchasers of the securities of Celestica during the Class Period are sought.

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