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Technology Stocks : Network Associates (NET) -- Ignore unavailable to you. Want to Upgrade?

To: Just_Observing who wrote (4808)	4/7/1999 6:38:00 PM
From: Lisa B.	Read Replies (1) \| Respond to of 6021

This was just posted over the Business Wire: Bernstein Litowitz Berger & Grossmann LLP Files Class Action Against Network Associates Inc. New York -- April 7, 1999 -- Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(I), Bernstein Litowitz Berger & Grossmann LLP hereby gives notice that on April 7, 1999, a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of Network Associates Inc. ("Network Associates" or the "Company") common stock (NASDAQ: NETA) between January 20, 1998 and April 6, 1999 (the "Class Period"). If you wish to discuss this Action or have any questions concerning this notice or your rights or interests in connection therewith, please contact Robert S. Gans or Gerald H. Silk of Bernstein Litowitz Berger & Grossmann LLP at (800) 380-8496 or (212) 554-1400 or by E-mail: robert@blbglaw.com. The complaint charges Network Associates, and certain of its officers and directors, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as SEC Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that, during the Class Period, defendants materially overstated the Company's earnings as a result of excess write-off of in-process research and development in connection with several acquisitions completed by the Company in 1997 and 1998. The complaint further alleges that as a result of the issuance of these statements, the price of Network Associates common stock was artificially inflated during the Class Period, providing an opportunity for certain of the Company's senior officers and directors to sell over 900,000 shares of Network Associates common stock to the investing public at artificially inflated prices, and realize proceeds from these sales in excess $41 million. On April 6, 1999, in direct contrast to the statements defendants had made throughout the Class Period, defendants revealed that, in connection with an investigation of the Company being conducted by the SEC, the Company had determined that its amortization expenses were materially understated by $13 million and $43 million in 1997 and 1998, respectively. Plaintiff is represented by the law firm of Bernstein Litowitz Berger & Grossmann LLP ("Bernstein Litowitz"). Bernstein Litowitz has extensive experience in prosecuting class actions nationwide on behalf of defrauded investors. The firm currently plays a leading role in numerous major securities and complex commercial litigations pending in federal and state courts. If you are a member of the Class described above, you may, not later than June 7, 1999, move the Court to serve as lead plaintiff for the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish detailed information about the firm or have any questions concerning your rights or interests in this case, please visit our website at blbglaw.com.