BATON ROUGE, La., May 16, 2002 (PRIMEZONE) -- An investor sued Peregrine Systems, Inc. (Nasdaq:PRGN) in federal court, claiming that the company inflated its stock price by misleading the public, LeBlanc & Waddell LLC said today.
The class-action complaint was filed in the U.S. District Court for the Southern District of California. It seeks damages for violations of federal securities laws on behalf of all investors who bought Peregrine common stock from July 19, 2000 through May 3, 2002 (the Class Period).
The complaint accuses Peregrine, a San Diego-based software company, of misleading investors about its business and finances by improperly recording revenue it later wrote off.
The complaint states that news of the problems came to light May 6, 2002, when Peregrine disclosed an internal investigation into potential accounting inaccuracies in fiscal 2001 and 2002 -- revenue recognition irregularities that could total up to $100 million. In the same statement, Peregrine announced the resignations of Stephen Gardner, the company's chief executive officer, and Matthew Gless, its executive vice president of finance. The complaint names Gardner and Gless as individual defendants.
Following the May 6 announcement, Peregrine's stock plummeted 65% to a 52-week low of $0.89.
If you purchased Peregrine Systems, Inc. common stock during the period from July 19, 2000 through May 3, 2002, you may wish to contact the following attorneys at LeBlanc & Waddell to discuss your rights and interests.
Roger LeBlanc, Esq. Chad A. Dudley, Esq. LeBlanc & Waddell, LLC 5353 Essen Lane, Suite 420 Baton Rouge LA 70809 rogerleblanc@lw-law.net (800) 988-3514
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than July 8, 2002. You may contact the attorneys at LeBlanc & Waddell to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
With offices in Baton Rouge, New Orleans, Shreveport, Monroe and Slidell, Louisiana, LeBlanc & Waddell, LLC represents investors in securities class action lawsuits and has experience in prosecuting class actions. The firm prides itself on its responsiveness to shareholders and their needs in each case.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca