NEW YORK, March 21, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Northern District of Texas on behalf of all purchasers of Carreker Corporation ("Carreker" or the "Company") (Nasdaq:CANIE) securities between May 20, 1998 and December 10, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed 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 Carreker's financial results and business prospects. Specifically, the complaint alleges that Carreker failed to disclose that the Company had been improperly recognizing revenues, income and earnings per share amounts, thereby materially inflating the Company's reported financial results throughout the Class Period. On December 10, 2002, however, Carreker shocked the market when it announced that it was reviewing its previously published financial statements because the Company might have improperly recognized revenues and thus its previously reported financial statements should not be relied upon. This was confirmed on January 28, 2003, when Carreker announced that it would have to restate its revenue figures for the fiscal years 1998, 1999, 2000, 2001 and part of 2002.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Carreker securities between May 20, 1998 and December 10, 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 Carreker securities during the Class Period, you may, not later than April 11, 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. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Anthony Vozzolo, Esq. Faruqi & Faruqi, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.