PHILADELPHIA, June 14, 2002 (PRIMEZONE) -- On May 8, 2002, the law firm of Berger & Montague, P.C. filed a class action suit against Peregrine Systems, Inc. ("PRGN" or the "Company") (Nasdaq:PRGN), and certain of its principal officers and directors, Stephen P. Gardner, and Matthew C. Gless, in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased PRGN securities, including common stock and/or notes, between July 24, 2001 and May 3, 2002, inclusive (the "Class Period").
PRGN is a global software company that provides Infrastructure Management Solutions which companies use to manage their assets, from information technology equipment to fleets of vehicles. The Complaint alleges that during the Class Period, defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934, by making materially false and misleading statements regarding Peregrine and its audit activities, including its revenue recognition practices. On May 6, 2002, PRGN announced that its board of directors had authorized its audit committee to conduct an internal investigation into potential accounting inaccuracies. Urgent to the attention of the committee by KPMG, the company's newly hired independent auditors, these involved revenue recognition irregularities relating to the company's direct sales channels totaling as much as $100 million, which may have been improperly recorded in fiscal 2001 and 2002. The Company disclosed that these channel transactions and other accounting matters to be investigated may impact financial results for periods in fiscal 2002 and prior, and that the scope and magnitude of the matters had not been determined. The Company also disclosed that it has informed the SEC of the Company's internal investigation. At the same time, the board announced that Stephen Gardner, Peregrine's Chairman of the Board and Matthew Glass Chief Executive Officer and its Chief Financial Officer had both resigned, and were being replaced.
If you purchased or acquired Peregrine securities during the period from July 24, 2001 through May 3, 2002, inclusive, you may, no later than July 5, 2002, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party 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 Dynegy securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class
interests." In Re: IKON Offices Solutions Securities Litigation.
Civil Action No. 98-4286(E.D.Pa.) (partial settlement for
$111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act.
And I have had a lot of cases...in 15 years now as a judge and I
cannot recall a significant case where I felt people were better
represented than they are here ... I would say this has been the
best representation that I have seen." In Re: Waste Management,
Inc. Securities Litigation, Civil Action No. 97-C 7709
(N.D. Ill.) (settled in 1999 for $220 million).
If you purchased Peregrine securities during the Class Period, please visit our website at www.bergermontague.com to view the complaint and join the class action or if you have any questions concerning this notice or your rights with respect to this matter, please contact:
Todd S. Collins , Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca