Jeff: Congrats on your play of the day. Still waiting for SYBS to do the BIG Crash. This bit of news should help.
Class Action Commenced by Kaufman Malchman Kirby & Squire, LLP
NEW YORK, Jan. 23 /PRNewswire/ -- Kaufman Malchman Kirby & Squire, LLP issued the following:
To All Persons or Institutions Who Purchased Common Stock of Sybase, Inc. Between April 18, 1997 and January 21, 1998
YOU ARE HEREBY NOTIFIED that, on January 22, 1998, a class action lawsuit was filed in the United States District Court, Northern District of California on
behalf of all purchasers of Sybase, Inc. (''Sybase'') (Nasdaq: SYBS - news) common stock between April 18, 1997 and January 21, 1998, inclusive (the ''Class
Period'').
The Complaint asserts claims under the federal securities laws, including claims for violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5. Plaintiff seeks to recover losses suffered by investors who bought Sybase securities. The lawsuit alleges that Sybase and certain of its officers and
directors engaged in the issuance and/or review of false and/or misleading statements including the preparation of false and/or misleading press release and SEC
filings. During the Class Period, Sybase consistently reported profitable results showing that Sybase was successfully executing a turn around from its disastrous
1995 and 1996 performances. While defendants were publicly reporting profits of more than $13 million for the first, second, and third quarters of 1997, Sybase
insiders directly or indirectly sold over $6 million of Sybase stock. On January 2, 1998, Sybase surprised the market, disclosing that at best it would report earnings
per share of $0.02 for the fourth quarter of 1997. On January 21, 1998, Sybase further revealed that the Company's 1997 revenue growth in Asia and Latin
America had been obtained via accounting fraud and that Sybase would be restating its previously reported financial results for each of the prior three quarters of
fiscal 1997. This revelation further caused Sybase stock to fall as low as 7-1/8 per share, a decline of more than 65% from its Class Period high.
Plaintiff seeks to recover damages on behalf of class members who purchased Sybase common stock during the Class Period, excluding the defendants and their
affiliates, and are represented by, among other firms, Kaufman Malchman Kirby & Squire, LLP. Kaufman Malchman has specialized in complex litigation, including
securities and consumer class actions for more than half a century. It has repeatedly demonstrated its expertise in this field, and has been repeatedly recognized by
various courts which have appointed the firm to major positions in consolidated and multi-district litigation. Its achievements and quality of service have been
chronicled in published decisions, and the firm's effort has been responsible for significant recoveries, or injunctive relief, for its clients and class members.
If you are a member of the Class described above, you may, not later than 60 days from the date of this notice, move the Court to serve as lead plaintiff of the class,
if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions
concerning this notice or your rights, please contact:
Jeffrey H. Squire, Esq.
Ira M. Press, Esq.
KAUFMAN MALCHMAN KIRBY & SQUIRE, LLP
919 Third Avenue, 11th Floor
New York, New York 10022
212-371-6600 or Toll Free 888-529-4787
kmkslaw@aol.com (E-mail address)
SOURCE: Kaufman Malchman Kirby & Squire, LLP |
