NEW YORK, Jan. 24, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Ariba, Inc. ("Ariba" or the "Company") (Nasdaq:ARBA) securities during the period from January 11, 2000 through January 15, 2003, both dates inclusive (the "Class Period").
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants Ariba and certain of its officers and directors violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. In particular, during December 2002 and January 2003, Ariba informed investors for the first time that the financial information contained in Ariba's previously filed annual report for the fiscal years ended September 30, 2000 and 2001, and in Ariba's quarterly reports for the quarters ended March 31, 200 through June 30, 2002 were unreliable. Additionally, defendants announced that it would restate is financial statements to reflect payments and air services made to Larry Mueller, Ariba's then-President and Chief Operating Officer, and that the Company improperly recorded stock options issued to individuals by companies that Ariba acquired during 2000. The Company revealed to the public that the SEC had begun an investigation into the Company's accounting practices.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Ariba securities during the Class Period described above, you may, no later than March 22, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.