NEW YORK, Sept. 16, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 03 Civ. 7093, on behalf of all persons or entities who purchased or otherwise acquired Check Point Software Technologies Ltd. ("Check Point" or the "Company") securities (Nasdaq:CHKP) during the period between July 10, 2001 and April 4, 2002, both dates inclusive (the "Class Period"). The Complaint names Check Point, Gil Shwed, Jerry Ungerman, Eyal Desheh, Irwin Federman, and Alex Vieux as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh 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 email at email@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. The complaint alleges that these statements were issued despite the fact that demand for Check Point's products was in sharp decline. The complaint also alleges that several Individual Defendants engaged in significant insider selling during the Class Period, selling approximately 228,000 shares and realizing $8.8 million in illegal proceeds.
On April 4, 2002, the truth was revealed. Check Point announced a revenue shortfall of approximately $15 million for the first quarter 2002, and lowered its revenue and earnings guidance by approximately 10% for fiscal year 2002. The Company further disclosed that a number of its customers had delayed purchase decisions and/or reduced the dollar amount of their purchases. Market reaction to Check Point's announcement was swift and severe. Check Point shares dropped over 19% in heavy trading, closing at $22.07 on April 4, 2002.
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 Check Point common stock during the Class Period described above, you may, no later than October 28, 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 Gregory Linkh 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