BALA CYNWYD, Pa., March 6, 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 District of Connecticut on behalf of all purchasers of the common stock of VitalWorks, Inc. (Nasdaq:VWKS) ("VitalWorks" or the "Company") publicly traded securities during the period between April 24, 2002 and October 23, 2002, 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 VitalWorks, Inc. and certain of its officers and directors with issuing false misleading statements concerning its business and financial condition. Specifically, the complaint alleges that the defendants issued false and misleading statements concerning the Company's increasing revenues and future prospects. On October 23, 2002, VitalWorks announced that it had failed to achieve pre- announced third quarter 2002 revenues and was lowering revenue guidance for the remainder of fiscal year 2002; additionally, the Company reported that it was lowering revenue guidance for fiscal year 2003 by over 10%. Market reaction to defendants' belated disclosures was swift and severe. On October 24, 2002, the first day of trading following VitalWorks announcements, the price of VitalWorks common shares fell over 56% in value to close at $3.13 per share on record trading volume of over 14 million shares.
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 May 5, 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