BALA CYNWYD, Pa., Jan. 27, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of Ariba, Inc. (Nasdaq:ARBAE) ("Ariba" or the "Company") publicly traded securities during the period between January 11, 2000 and January 15, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Ariba, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that beginning in January 2000 and throughout the class period, defendants issued numerous positive press releases and Securities and Exchange Commission ("SEC") filings regarding Ariba's revenue growth and projections, thereby falsely portraying Ariba's business prospects and artificially inflating and maintaining the price of Ariba common stock during the class period.
On January 15, 2003, Ariba announced that it was going to restate -- i.e. admit as false -- all of its financial results for ten quarters, covering the quarter ended March 31, 2000 through the quarter ended June 30, 2002, and that fiscal years 2000 and 2001 will also be restated. The Company further announced on that date that it may be delisted by the Nasdaq Stock Market because it has not filed its annual report with the Securities and Exchange Commission ("SEC") for 2002. Ariba's stock plunged 15% on the day of this revelation, completing a 98% decline from the Class Period high.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than March 24, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca