BALA CYNWYD, Pa., Aug. 12, 2002 (PRIMEZONE) -- A shareholder sued SeeBeyond Technology Corp. ("SeeBeyond") (Nasdaq:SBYN) claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Central District of California and seeks damages for violations of federal securities laws on behalf of all investors who bought SeeBeyond Technology Corp. securities between December 10, 2001 and April 22, 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 SeeBeyond Technology Corp. 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 SeeBeyond Technology Corp. made positive but false statements about SeeBeyond's results and business, while concealing material adverse information about customers pushing out orders. As a result, SeeBeyond's stock traded at artificially inflated levels, permitting defendants to complete a secondary public offering of 8.5 million shares (plus 1.2 million of an over allotment) for proceeds of $82 million, including 2 million shares sold by SeeBeyond's CEO.
Immediately before the offering, SeeBeyond announced its 4thQ 01 results, which met analyst expectations. Defendants represented that the Company had met the numbers without pulling in sales from the 1stQ 02 such that 1stQ 02 results would be favorable as well. The Company indicated it had good visibility into 1stQ 02 results and forecast revenues of more than $44 million for that quarter.
If you purchased SeeBeyond Technology Corp. securities between December 10, 2001 and April 22, 2002, you may be a member of the class and have until September 2, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway 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