NEW YORK, April 18, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of Texas, case number 3-03 CV 0800-N, on behalf of all persons or entities who purchased or otherwise acquired i2 Technologies, Inc. ("i2" or the "Company") securities (Nasdaq:ITWO) during the period from April 18, 2000 through January 24, 2003, both dates inclusive (the "Class Period"). The Complaint names i2, Sanjiv S. Sidhu, Gregory A. Brady, William M. Beecher, Nancy F. Brigham, and David C. Becker as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. In particular, Defendants ignored warnings from former executive officers of i2 that the Company was improperly recognizing revenue from several customer contracts. Defendants nevertheless continued to report "record" financial results throughout the Class Period in press releases and filings with the SEC. Moreover, during the Class Period, i2 completed several multi-billion acquisitions using its common stock as currency, and the officers of i2 named as defendants in the Complaint, along with other i2 insiders, sold to the unsuspecting public hundreds of thousands of shares of i2 stock at artificially inflated prices for tens of millions of dollars in proceeds. Before the market opened on January 27, 2003, more than a year after defendants had been notified of i2's improper revenue recognition, i2 disclosed that it would re-audit its financial statements for 2000 and 2001, and informed investors that they should not rely on previously issued financial statements pending the re-audit. Following this disclosure, i2 stock fell more than 26%. The Complaint alleges that as a result of these false and misleading statements the price of i2 securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired i2 securities during the Class Period described above, you may, no later than May 26, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca