BALA CYNWYD, Pa., Aug. 12, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:A securities class action lawsuit pending in the U.S. District Court for the Eastern District of Missouri (4102-CV-01101) claims that Amdocs Limited ("Amdocs" or the "Company") (NYSE:DOX) misled shareholders about its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (and/or the Securities Act of 1933) on behalf of all investors who bought Amdocs Limited securities between July 18, 2000 and June 20, 2002 (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 Amdocs Limited 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 Missouri-based Amdocs Limited issued statements that failed to disclose, among other things, that the Company's business and operations were being negatively affected by a host of adverse factors, including, but not limited to, the following: (I) Amdocs was experiencing declining sales as its business began to be affected by adverse market forces; and (ii) Amdocs artificially inflated its financial statements by maintaining inadequate reserves for doubtful accounts and failing to disclose that Amdocs' revenue growth improperly included revenues from a recent acquisition. Furthermore, defendants lacked a reasonable basis upon which to publish and/or affirm the revenue guidance they provided to analysts and investors.
If you purchased Amdocs Limited securities between July 18, 2000 and June 20, 2002, you may be a member of the class and have until August 26, 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