NEW YORK, August 18, 2003 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit against Quest Software, Inc.("Quest" or the "Company") (Nasdaq:QSFT) and five of the Company's senior officers and directors on behalf of investors who purchased the common stock of Quest during the period between April 30, 2002 and July 23, 2003, inclusive (the "Class Period"). The case was filed in the United States District Court for the Central District of California.
The Complaint alleges that Quest, a leading provider of application management solutions, and five of the Company's senior officers, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning the Company's publicly reported sales and earnings, which allegedly served to artificially inflate the price of the Company's shares.
On July 23, 2003, prior to the market's opening, Quest issued a press release announcing that due to a "computational error" in its internal consolidation system, the Company had misstated its financial results for the first three quarters of 2002 and the first quarter of 2003. The Company announced that these violations of Generally Accepted Accounting Principles ("GAAP") would require it to restate its financial results for those four quarters as well as its 2002 calendar year. It was further announced that net income for 2002 would decrease by $0.7 million, with net revenue to decrease by 2%. As a result of the news, shares of Quest's stock fell 18 percent to close at $8.84 per share.
If you purchased the common stock of Quest during the Class Period, you have until September 29, 2003 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca