Schoengold & Sporn Announces Filing of Class LawsuitAgainst Quintus Corporation
NEW YORK, Nov. 15 /PRNewswire/ -- Schoengold & Sporn, P.C. announced today that a lawsuit is being filed in the United States District Court for the Northern District of California against Quintus Corporation ("Quintus" or the "Company") (Nasdaq: QNTS) and certain of the Company's key officers and directors on behalf of all purchasers of the common stock of Quintus during the period November 15, 1999 through and including November 15, 2000 (the "Time Period"). If you purchased Quintus stock during the Time Period, you may contact the undersigned at (212) 964-0046 (call collect) or by e-mail at quintuslawsuit@aol.com to obtain more information to determine if you would like to participate in the lawsuit.
The complaint charges the defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934, by, among other things, omitting material information and disseminating materially false and misleading statements concerning the Company and its financial condition, contained in public statements, filings with the Securities and Exchange Commission ("SEC") and press releases. On November 15, 2000, Quintus shocked the investment community when it announced that Pricewaterhouse Coopers had been retained to investigate certain financial reporting matters relating to revenue and accounts receivable and that it would delay the filing of its Form 10-Q for the quarter ended September 30, 2000. The complaint alleges that throughout the Time Period, Quintus' financial statements were materially false and misleading in that they overstated revenue and net income. Following this announcement, the Company's share price dropped dramatically before the NASD suspended trading.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schoengold & Sporn, P.C., 19 Fulton Street, Suite 406, New York, New York 10038, Tel. (212) 964-0046, Fax: 212-267-8137, E-Mail: QUINTUSLAWSUIT@AOL.COM, WWW.SCHOENGOLDANDSPORN.COM, who have extensive experience and expertise prosecuting class actions on behalf of investors and shareholders.
Schoengold & Sporn, P.C. began specializing in shareholder class and derivative securities litigation in 1968, and courts have long noted the firm's experience and ability in complex securities litigation. The firm has been a lead counsel, co-lead counsel, or member of an Executive Committee in many complex securities class actions, including the highly publicized Wedtech securities case (member of the Executive Committee). The favorable $77.5 million Wedtech settlement was reported in the Wall Street Journal on February 10, 1992, page B6, as a:
"$77.5 million settlement... reached in a securities fraud case stemming
from the Wedtech scandal... The settlement with 29 defendants... is
believed to be one of the largest ever in a civil securities fraud case...
This is a global settlement,' said Samuel Sporn, a plaintiffs' attorney
at the New York law firm Schoengold & Sporn. Mr. Sporn said the
settlement represents almost half of the more than $160 million in stocks
and bonds that Wedtech sold to the public between 1983 and 1986."
If you are a member of the class described above, you may seek to join in the above class action on or no later than sixty days from today, by moving the Court to serve as lead plaintiff. This is not a prerequisite to participation as a class member.
If you would like to further discuss your rights or receive an information packet, you may call collect or otherwise contact the undersigned, who will be pleased to assist:
CONTACT: Jay Saltzman or Ashley Kim
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
E-Mail: QUINTUSLAWSUIT@AOL.COM
SOURCE Schoengold & Sporn, P.C.
CO: Schoengold & Sporn, P.C.; Quintus Corporation
ST: New York
IN:
SU: LAW
11/15/2000 17:02 EST prnewswire.com |
