Wolf Haldenstein Adler Freeman & Herz LLP Commences Securities Fraud Class Action Suit Against i2 Technologies, Inc.
NEW YORK--(BUSINESS WIRE)--March 12, 2001--Wolf Haldenstein Adler Freeman & Herz LLP is commencing a class action lawsuit in the United States District Court for the Northern District of Texas, Dallas Division on behalf of purchasers of the securities of i2 Technologies, Inc. (``i2'' or the ``Company'') (NASDAQ: ITWO - news) between January 9, 2001 and February 26, 2001, inclusive (the ``Class Period''), against defendants i2, Sanjiv Sidhu (Chairman and Chief Executive Officer), and William M. Beecher (Executive Vice President of Operations and Chief Financial Officer).
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between January 9, 2001 and February 26, 2001, thereby artificially inflating the price of i2 securities. Specifically, the Complaint alleges that during the Class Period, unbeknownst to investors, Nike, Inc. (``Nike''), one of i2's significant customers, was experiencing problems with its implementation of i2's software, which necessarily put i2's relationship with Nike at material risk. Nevertheless, defendants issued a series of materially false and misleading statements which failed to disclose, among other things, that the Company was experiencing software implementation difficulties with Nike and that these problems were material and severe and were damaging the Company's relationship with Nike.
On February 26, 2001, after the close of the market, Nike issued a press release revising its third quarter and fiscal 2001 earnings because of, among other things, ``complications arising from the impact of implementing [its] new demand and supply planning systems'' which were developed by i2. i2 shareholders, upon hearing that Nike blamed its problems on i2 and i2's software, immediately caused the Company's stock price to collapse. By the end of the day, i2's stock closed at $27.56, down 22% from the previous day's close of $35.50. Prior to the disclosure of the adverse facts, certain i2 insiders sold, in aggregate, more than $97 million of their personally-held i2 stock.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired i2 securities during the Class Period. If you purchased or otherwise acquired i2 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 May 1, 2001.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New Jersey, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Michael Miske, George Peters, Gregory M. Nespole, Esq., or Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or visit our website at whafh.com. All e-mail correspondence should make reference to i2 Technologies.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP, New York
Michael Miske, George Peters, Gregory M. Nespole, Esq.,
or Fred Taylor Isquith, Esq.
(800) 575-0735
classmember@whafh.com
whafh.com |
