CHICAGO, June 14, 2002 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that class action lawsuits are pending in the United States District Court for the Southern District of California on behalf of purchasers of the securities of Peregrine Systems Inc. ("Peregrine" or the "Company") (Nasdaq:PRGN) between July 21, 1999 and May 22, 2002, inclusive ("Class Period").
It has been alleged that Peregrine Systems, Inc., certain of its officers and directors and Arthur Andersen, LLP, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by issuing false and misleading statements concerning Peregrine's business and financial condition during the Class Period.
According to the allegations, Peregrine's stock began its decline on May 1, 2002 following the Company's April 30, 2002 announcement that the release of the 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. 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 audit committee's attention. 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.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Peregrine.
If you purchased Peregrine securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than July 8, 2002.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca