LITTLE ROCK, Feb. 7, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Ariba, Inc. ("Ariba" or the "Company") (Nasdaq:ARBAE) between January 11, 2000 and January 15, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Emerson Poynter LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at 501-907-2555 or Toll-Free at 800-663-9817 or by email at shareholder@emersonfirm.com.
The Complaint charges Ariba and certain of its executive officers and directors with violations of the Securities Exchange Act of 1934. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning Ariba's revenue and earnings caused Ariba's stock price to become artificially inflated, inflicting damages on investors. Ariba provides software, services and network access to enable corporations to evaluate and manage the cash costs associated with running their business. The Complaint alleges that, in order to inflate the price of Ariba's stock, defendants caused the Company to falsely report certain financial results.
On January 15, 2003, the Company admitted that its financial statements were false and issued a press release entitled, "Ariba Provides Update on Accounting Review and Restatement of Financial Statements." The press release stated in part: "Ariba, Inc. announced today that it will restate its financial statements for the fiscal years ended September 30, 2001 and 2000 and for the quarters ended March 31, 2000 through June 30, 2002 as a result of an ongoing review of accounting matters." The Company's top officers and directors took advantage of the false financial statements and sold nearly $692 million worth of their Ariba shares to the unsuspecting public.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Emerson Poynter LLP, a law firm with substantial experience representing investors in class action lawsuits involving corporate fraud. The Firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation.
If you are a member of the Class described above, you may move the Court, not later than March 24, 2003, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, you are encouraged to call Toll- Free or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.