LOS ANGELES, August 1, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of Quest Software, Inc. ("Quest" or the "Company") (Nasdaq:QSFT) between April 30, 2002 and July 23, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Quest and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' dissemination of materially false and misleading statements concerning Quest's revenue and earnings caused the Company's stock price to become artificially inflated, inflicting damages on investors. Quest is an independent software vendor for the primary database management systems and packaged and custom applications used by large and medium-sized enterprises. The complaint alleges that, during the Class Period, defendants failed to disclose or misrepresented that: (1) the Company had materially overstated its earnings, revenues, net income and earnings per share; (2) the Company deferred revenue and fixed asset balances of foreign subsidiaries in violation of GAAP; (3) the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) as a result, the value of the Company's net income and financial results were materially overstated at all relevant times. On July 23, 2003, the Company filed a Form 8-K with the SEC wherein Quest announced that it has discovered a computational error in its internal consolidation system that has caused deferred revenue and fixed asset balances of foreign subsidiaries to be inaccurately reported.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 29, 2003, 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 with respect to these matters, please contact Lionel Z. Glancy, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca