<PAGE> 1
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Media Relations Contact: Investor Relations Contact: PR Agency Contact:
Peggy Quimet Frank Yoshino Judy Smith
Vice President, Marketing Treasurer JPR Communications
714-693-2786 714-693-2775 818-386-0403
[email protected] [email protected] [email protected]
MTI TECHNOLOGY ANNOUNCES STOCKHOLDER LAWSUIT
ANAHEIM, Calif., August 10, 2000 -- MTI Technology Corp. (Nasdaq:MTIC) announced
today that class action complaints have been filed against the Company and
certain officers, alleging violations of provisions of the Securities and
Exchange Act of 1934, and the rules promulgated thereunder, in connection with
certain statements made during the periods from January 26, 2000 through July
27, 2000, in the case of the complaints filed in California, and from July 22,
1999 to May 24, 2000, in the case of the complaint filed in Delaware. The
complaints received to date, filed between July 31, 2000 and August 3, 2000, in
the U.S. District Courts for the Central District of California and the District
of Delaware, allege that the defendants were aware of certain adverse
information which they failed to disclose. The complaints received to date do
not specify the amount of damages being sought. While not all of the complaints
have been served on the Company, the Company has obtained copies of certain of
the complaints from the courts. The Company believes that the lawsuits are
without merit and intends to defend the suits vigorously.
ABOUT MTI TECHNOLOGY CORPORATION
MTI's mission is to provide Continuous Access to Online Information(SM)
through fault-tolerant, cross-platform data storage servers for the enterprise.
MTI develops, manufactures, sells and services data server solutions for Global
2000 companies on a worldwide basis. Headquartered in Anaheim, California, the
Company offers services and support from more than 40 offices in the United
States and Europe and complies with ISO 9001 quality system standards. MTI may
be reached by phone: 800-999-9MTI or 714-970-0300, fax: 714-693-2256 or e-mail:
[email protected]. Information can also be accessed via MTI Online, the Company's
World Wide Web server on the Internet at: www.mti.com.
