BALA CYNWYD, Pa., June 5, 2002 (PRIMEZONE) -- A pending class action charges Peregrine Systems, Inc. (Nasdaq:PRGN) ("Peregrine" or the "Company") with misleading investors about its business and financial condition according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Southern District of California (02-CV-0887). Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased Peregrine Systems, Inc. securities between July 21, 1999 and May 22, 2002 and all those who acquired Peregrine Systems shares through its acquisition of Harbinger Corp (formerly Nasdaq:HRBC), Extricity Inc. (formerly Nasdaq:EXTY), and Remedy Corp (formerly Nasdaq:RMDY), (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Peregrine Systems, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the California-based Peregrine Systems, Inc. issued false and misleading statements thereby artificially inflating the price of Peregrine securities. Peregrine's former outside auditor, Arthur Andersen LLP, is also named as a defendant. Specifically, as alleged in the complaint, Plaintiff and the Class were injured as a result of defendants' misrepresentations, omissions and other fraudulent conduct alleged. Peregrine stock began its decline on May1, 2002 following the Company's April 30, 2002 announcement that the release of the its fiscal fourth quarter and year end financial results would be delayed pending the completion of an audit by new outside auditor KPMG. Upon this announcement Peregrine stock fell nearly 50% to close at $3.45. On May 6, 2002 the true facts regarding Peregrine's financial condition, which were previously concealed or hidden, were revealed to the public. On this date, Peregrine shocked the market by announcing that its board of directors had authorized an internal investigation into accounting inaccuracies, totaling as much as $100 million, which KPMG had brought to the attention of the audit committee. Simultaneously, the board of directors announced that Peregrine's Chairman of the Board and Chief Executive Officer and its Chief Financial Officer had both resigned all of their positions with the Company. Following this announcement Peregrine stock fell an additional 61% to close at $1.01. As a result of defendants' misconduct, alleged, plaintiff and the class have suffered substantial damages.
If you purchased Peregrine Systems, Inc. securities between July 21, 1999 and May 22, 2002 AND all those who acquired Peregrine Systems shares through its acquisition of Harbinger Corp (formerly Nasdaq:HRBC), Extricity Inc. (formerly Nasdaq:EXTY), and Remedy Corp (formerly Nasdaq:RMDY), you may be a member of the class and have until July 8, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca