NEW YORK, Feb. 10, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York, on behalf of all purchasers of MCSi, Inc. ("MCSi" or the "Company") (Nasdaq:MCSI) securities between July 24, 2001 and February 26, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action will be available on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning MCSi's financial results and business prospects. Specifically, the complaint alleges that MCSi touted the success of its businesses -- particularly the high-margin systems integration business. These statements were false and misleading as they failed to disclose that MCSi's business was actually corroding and that its integration business was not operating on as a successful level as represented. As a result, the price of the Company's securities were artificially inflated throughout the Class Period, allowing insiders to sell massive amounts of stock following two follow-on public offerings.
On February 26, 2002, however, the Company shocked the market by reporting a 29% decline in shares for the fourth quarter of 2001. In reaction to this announcement, shares of MCSi common stock plunged by 40%, falling from $17.35 per share close on February 25, 2002 to a close of $10.40 per share on February 26, 2002.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired MCSi securities between July 24, 2001 and February 26, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com.
If you purchased MCSi securities during the Class Period, you may, not later than March 28, 2003, move the court to serve as lead plaintiff of the class. In order 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, please contact:
ERIC CRUSIUS, ESQ.
ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
e-mail Ecrusius@faruqilaw.com
Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca