NEW YORK, April 8, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Western District of Missouri on behalf of all purchasers of Cerner Corp. ("Cerner" or the "Company") (Nasdaq:CERN) securities between October 16, 2002 through April 2, 2003, 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 Cerner's financial results and business prospects. Specifically, the complaint alleges that Cerner failed to disclose, among other facts, that: (a) many of the Company's clients were delaying the purchase of products from the Company and others were canceling their purchases altogether; (b) the Company was losing business to its competitors; and (c) its attempts to change the organization structure of the Company had created confusion and hindered the Company's operations by negatively impacting the ability of the Company to close certain sales transaction. As a result, the price of the Company's securities were artificially inflated throughout the Class Period, allowing certain insiders to sell more than 90,083 shares of personally held Cerner common stock. On April 3, 2003, however, Cerner shocked the market by announcing that it was lowering revenue and earnings guidance for the first quarter of fiscal year 2003 to between $0.13 to $0.15 per share compared to analysts estimates of $0.38 per share. Following the release of this news, Cerner's stock price declined in excess of 44% on heavy volume.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Cerner securities between October 16, 2002 and April 2, 2003, 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 Cerner securities during the Class Period, you may, not later than June 2, 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