NEW YORK, April 24, 2003 (PRIMEZONE) -- Wechsler Harwood LLP announced today that a class action lawsuit has been filed on behalf of purchasers of PEC Solutions, Inc.("PEC Solutions" or the "Company") (Nasdaq:PECS) common stock from October 22, 2002 through March 14, 2003, inclusive (the "Class Period").
The case is currently pending in the United States District Court for the Eastern District of Virginia, Alexandria Division against defendants PEC Solutions and certain of its officers and directors alleging violations of the Federal Securities Laws. A copy of the Complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
As alleged in the Complaint, defendants issued a series of materially false and misleading statements concerning the Company's business, operations and prospects throughout the Class Period. The Complaint alleges that these statements were materially false and misleading when made as they failed to disclose and misrepresented the following adverse facts, among others: (a) that the Company was experiencing declining demand for its products and services as the failure of Congress to approve a budget for 2003 was causing governmental agencies to delay projects; (b) that the Company was experiencing material problems with certain of its biometric identification contracts and would not be generating the revenue that it had anticipated from those contracts; and (c) as a result of the foregoing, the Company was materially overstating the strength of its pipeline of projects and its prospects.
As is further alleged in the Complaint, on March 14, 2003, after the close of the market, PEC Solutions shocked the market when it issued a press release announcing that it was revising its guidance for the first quarter 2003 and for the year ending December 31, 2003. In response to this announcement, the price of PEC Solutions common stock declined precipitously -- falling from $15.80 per share to $9.81 per share, a decline of more than 37%, on extremely heavy trading volume. Moreover, during the Class Period, and prior to the disclosure of the true facts, the Individual Defendants and other PEC Solutions insiders sold their personally-held shares of PEC Solutions common stock to the unsuspecting public reaping proceeds of more than $13 million.
If you bought PEC Solutions publicly traded securities within the Class Period and you wish to serve as lead plaintiff, you must move the Court no later than MAY 19, 2003. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com extension 257
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca