Is it time for the new President to resign.
Doesn't look like he'll get the chance. This class action suit, together with today's announcement of a $0.72/share loss, will, I suspect, turn Segue stock certificates into wallpaper before too long.
Regards,
--QwikSand
Berman, DeValerio & Pease LLP New England's largest law firm specializing in representing shareholders in class action lawsuits, issues the following press release:
NEW YORK, April 27 /PRNewswire/ -- Segue Software, Inc. (NASDAQ:SEGU) was sued today by a shareholder in a lawsuit filed in the United States District Court for the District of Massachusetts. "The action charges that Segue Software issued materially false and misleading financial statements during the class period by overstating its publicly reported revenues and earnings" said Jeffrey C. Block, one of the partners at Berman, DeValerio & Pease LLP which is representing the plaintiff. The lawsuit, which seeks class action status, is brought for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of purchasers of Segue Software's common stock during the period October 13, 1998 through April 9, 1999.
On April 9, 1999, after the close of the market, Segue Software announced that it would restate its previously issued 1998 fiscal third quarter financial statements and would revise its 1998 fiscal fourth quarter financial statements. The restatement is alleged to be the result of Segue Software improperly recognizing revenue in violation of Generally Accepted Accounting Principles. 1998 third quarter earnings per share were overstated by $.03 per share and 1998 fourth quarter earnings were overstated by $.08 per share. Segue Software's common stock price, which traded as high as $24 5/8 during the class period plummeted to a low of $5 1/2 per share upon disclosure of the restatement.
If you purchased Segue Software's common stock during the period October 13, 1998 through April 9, 1999 and suffered a loss on your investment, you may wish to contact the lawyers at Berman, DeValerio & Pease LLP to discuss your rights and interests:
Michael M. Sullivan, Esq.
Jeffrey C. Block, Esq.
Berman, DeValerio & Pease LLP
One Liberty Square, Boston, MA 02109
E-Mail: bdplaw@bermanesq.com
(800) 516-9926
You can also visit us at our website at www.bermanesq.com.
In addition, under the federal securities laws you may, but not later than sixty days from today move the court to serve as lead plaintiff of the Class, if you so choose. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman, DeValerio & Pease LLP to discuss your rights regarding the appointment of lead plaintiff. |
