Spector, Roseman Kodroff & Willis, P.C. Announces the Filing of a Class Action Suit Against Cadence Design Systems -- CDNS


PHILADELPHIA, Nov. 12, 2008 (GLOBE NEWSWIRE) -- The law firm of Spector, Roseman Kodroff & Willis, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Northern District of California, on behalf of purchasers of the common stock of Cadence Design Systems, Inc. ("Cadence" or the "Company") (Nasdaq:CDNS) between April 23, 2008 through October 22, 2008, inclusive (the "Class Period").

The Complaint alleges that defendants violated the federal securities laws by disseminating materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission ("SEC") during the Class Period. Specifically, the Complaint alleges defendants caused Cadence to improperly report approximately $24 million in revenue in the first quarter of 2008 and in the six months ended June 28, 2008 that will not be earned until the later quarters and, therefore, should be recognized properly over the duration of the customer contracts.

On October 15, 2008, the Company announced the departures of its Chief Executive Officer and four other senior executives. As a result of this announcement, the price of Cadence common stock dropped 15%. Then, on October 22, 2008, defendants acknowledged that the Company was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements for the entire first half of 2008. As a result of these disclosures, Cadence's stock price dropped another 25%.

If you purchased Cadence securities during the Class Period, you may, no later than December 29, 2008, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.

If you have sustained substantial losses in Cadence securities during the Class Period, please contact Spector, Roseman Kodroff & Willis, P.C. at classaction@srkw-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time. If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman or David Felderman toll-free at 888-844-5862 or e-mail at classaction@srkw-law.com. For more detailed information about the firm please visit its website at http://www.srkw-law.com.

Spector, Roseman Kodroff & Willis, P.C., with offices in Philadelphia, Pennsylvania, and Washington D.C., concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.

The Spector, Roseman & Kodroff P.C. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2010


            

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