A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz. Please visit our website at http://www.bernlieb.com or contact us at (800) 217-1522 or by email at [email protected].

Plaintiff alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding KVH's increasing financial results and the strong demand for its newly developed TracVision A5 and G8 satellite TV systems (the "TracVision systems").

As alleged in the complaint, these statements were materially false and misleading because they failed to disclose, among other things:

(a) that defendants had "stuffed" the retail channels with overpriced TracVision systems;

(b) that the Company's revenues were not growing by millions of dollars per quarter and the purported growth trends in the Company's revenues could not be sustained; and

(c) that KVH had not realized any material cost reduction in the manufacture of its TracVision systems and would be forced to write-down its inventory of manufactured goods by millions of dollars.

Plaintiff further alleges that defendants failed to disclose these adverse facts in order to complete a public offering of KVH common stock, raising more than $51.5 million in much needed capital.

On or about July 6, 2004, before the market opened for trading, KVH stunned the investing public by announcing that it was slashing the retail price of its TracVision systems by more than 34% and taking a multi-million dollar write down of vendor purchase commitments and on-hand inventories to reflect the true value of KVH's TracVision systems sales.

In pre-opening market trading, KVH common stock declined more than 19%, to open at $9.51 per share on July 6, 2004, a 49% decline from the public offering price just 4 months prior.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired KVH securities during the Class Period.

If you purchased or otherwise acquired KVH securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff.

In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 20, 2004.

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KVH Industries
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