Classaction lawsuit against AREM
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Kirby McInerney & Squire, LLP Announces Securities Class Periods
INTERNET WIRE -- Kirby McInerney & Squire, LLP, www.kmslaw.com, reminds investors that securities class action complaints were filed, on behalf of investors in the following securities during the periods set forth below, by the law firm of Kirby McInerney & Squire, LLP, often in cooperation with other major experienced securities firms:
CORPORATION CLASS PERIOD
AremisSoft. (NASDAQ: AREM - news) December 17, 1999 to May 14, 2001
(Lead Plaintiff Motion deadline is 07/23/01)
InfoSpace, Inc. (NASDAQ: INSP - news) January 26, 2000 to January 30, 2001
(Lead Plaintiff Motion deadline is 08/18/01)
Washington Group Int'l (NYSE: WNGXQ - news) April 17, 2000 to March 1, 2001
(Lead Plaintiff Motion deadline is 08/20/01)
Audible, Inc. (NASDAQ: ADBL - news) July 16, 1999 to June 11, 2001
(Lead Plaintiff Motion deadline is 08/11/01)
Investors in these companies during these time periods are invited to join in these actions online as lead plaintiffs at www.kmslaw.com. If you wish to discuss these cases or have any questions concerning these cases or your rights or interests, please contact:
regarding AREMISSOFT, Orsi Szotyory-Grove at 888-529-4787, or orsisg@kmslaw.com
regarding INFOSPACE, Shan Anwar at 888-529-4787, or sanwar@kmslaw.com
regarding WASHINGTON GROUP, Shan Anwar at 888-529-4787, or sanwar@kmslaw.com
regarding AUDIBLE, Ori Braun at 888 529-4787, or obraun@kmslaw.com
Specifically, the complaints filed against these companies allege: against AREMISSOFT that, during the class period, defendants misrepresented the value of AremisSoft's contract with a Bulgarian government entity, and that this misrepresentation inflated the price of AremisSoft securities during the class period. Defendants throughout the class period proclaimed the contract was worth $37.5 million; on May 17, 2001, however, the New York Times reported that officials of the World Bank and Bulgaria indicated that the value of their contract with AremisSoft was not $37.5 million but, in fact, less than $4 million. AremisSoft stock declined nearly 10% the next day, and has declined approximately 30% from the price at which AremisSoft common stock was trading prior to when rumors concerning the value of the Bulgarian contract began to filter through the market. The lawsuit will seek to recover losses suffered by individual and institutional investors who purchased AremisSoft securities during the Class Period, excluding the defendants and their affiliates, who, the complaint alleges, sold millions of shares of stock during the class period at inflated prices.
against INFOSPACE that, during the class period, the defendants disseminated false and misleading information concerning: (i) InfoSpace's actual 1999 and 2000 financial performance, and (ii) expectations concerning the Company's FY 2001 revenue and earnings. In fact, neither InfoSpace's reported FY 1999 and FY 2000 results nor its projected FY 2001 performance were accurate. The complaint further alleges that the Company's public representations were the result of Defendants' efforts to manipulate InfoSpace's reported earnings and expected FY 2001 performance and were designed to (and did) allow: (i) InfoSpace's founder to sell millions of dollars of his own InfoSpace shares at artificially inflated prices; and (ii)allow InfoSpace to complete a series of acquisitions using shares of the Company's artificially inflated stock as currency. On January 30, 2001, InfoSpace revealed that it would report no revenue growth or EPS for FY 2001, but rather would report declining revenue and a significant loss for the year, contrary to the representations repeatedly made by them during 2000 that the Company was experiencing strong revenue growth during 4Q99 and FY 2000 and that InfoSpace would continue to post strong revenue growth through FY 2001. As Defendants began to reveal that the Company's projected revenues and earnings estimates were false, InfoSpace's shares fell to less than $6 per share, a 95% decline from their Class Period high of $1381/2 per share. The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased shares of the Company at prices artificially inflated by defendants' misleading statements during the class period, excluding Defendants and their affiliates. against RAYTHEON CORPORATION and certain of its officers ON BEHALF OF ALL PURCHASERS OF WASHINGTON GROUP INTERNATIONAL, INC., (NYSE: WNG - news) securities -- including common stock and 11% senior notes -- that, during the period from April 17, 2000 through March 1, 2001 (the ``Class Period''), defendants misrepresented the financial condition of its Raytheon Engineers & Constructors (``RE&C'') division in order to sell this division to Washington Group, formerly known as Morrison Knudsen Corporation, at an artificially inflated price. On April 17, 2000, the beginning of the Class Period, Raytheon and Washington Group each issued press releases disclosing Raytheon's sale of RE&C to Washington Group for a modest cash price and Washington Group's assumption of RE&C's liabilities of approximately $500 million. The sales agreement, which was filed with the Securities and Exchange Commission on the same day, detailed the transaction, including Raytheon's promise to reimburse Washington Group for cost overruns from certain projects. The complaint further alleges that throughout the Class Period, defendants issued misleading financial statements for RE&C that failed to disclose massive cost overruns of approximately $700 million that existed at the time of the sale transaction. On March 2, 2001, Washington Group made the shocking announcement that Raytheon was refusing to honor its previously disclosed contractual commitments to reimburse Washington Group for these massive cost overruns. Further, Washington Group announced that Raytheon's refusal to reimburse Washington Group for these massive cost overruns placed Washington Group in a severe ``nearterm liquidity problems'' -- including being in default of its senior credit facilities -- that could result in the bankruptcy of the Washington Group. Following this announcement, the price of Washington Group stock plummeted 80% from $8.00 per share to $1.65 per share, causing a market capitalization loss of more than $400 million to stockholders, and more than $200 million to noteholders. Ultimately, these cash shortages forced Washington Group to seek protection under the bankruptcy laws on March 14, 2001. The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased shares and/or notes of Washington Group during the class period, excluding defendants and their affiliates.
Pursuant to Private Securities Litigation Reform Act of 1995 ("PSLRA"), if you are a member of the proposed classes described above, you may, no later than the deadlines listed above, request the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as ``lead plaintiff.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Kirby McInerney & Squire, LLP, specializes in complex litigation, including securities class actions. Kirby McInerney & Squire has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in published decisions. If you wish to discuss the claims described above, or have any questions concerning this notice or your rights, please visit the Kirby McInerney & Squire website at www.kmslaw.com or contact the persons listed above by email or at:
Ira Press, Esq.
KIRBY McINERNEY & SQUIRE, LLP
830 Third Avenue, 10th Floor
New York, New York 10022
Telephone: (212) 317-2300
or Toll Free (888) 529-4787 |
