PHILADELPHIA, March 23, 2004 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. has filed a securities fraud class action complaint in the United States District Court for the District of Colorado against Quovadx, Inc. ("Quovadx") (Nasdaq:QVDX) and certain of its officers, on behalf of purchasers of Quovadx common stock between October 22, 2003 and March 15, 2004 inclusive (the "Class Period").
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the Complaint alleges that Defendants issued numerous false and misleading statements concerning the Company's financial results. These statements failed to disclose that the Company had materially overstated its net income and earnings per share, that Defendants prematurely recognized revenue from contracts with Infotech Network Group, and that the Company lacked adequate internal controls to determine its true financial condition.
On March 15, 2004, Quovadx announced that it would: (i) delay the filing of its annual report on form 10-K for the year ended December 31, 2003; (ii) restate its third quarter 2003 financial results; and (iii) revise its previously announced fourth quarter and full year financial results. In response to this announcement, Quovadx shares fell $1.45 per share, losing approximately 28.8% of their value. The Securities and Exchange Commission has opened an investigation into the restatement as well as other issues.
If you purchased Quovadx during the Class Period of October 22, 2003 through March 15, 2004 inclusive, you may, no later than May 17, 2004, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. If you have sustained substantial losses in Quovadx during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. is a Philadelphia law firm, consisting of over 60 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing institutional and other investor plaintiffs in class action securities litigation and has played lead roles in major cases over the past 30 years which have resulted in recoveries of several billion dollars to investors. The firm has represented investors as lead counsel in such leading securities actions as Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken, and IKON Office Solutions. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous court. For example:
"Class counsel did a remarkable job in representing the class interests." In Re: IKON Office Solutions Securities Litigation. Civil Action No. 98-4286 (E.D.Pa.) (partial settlement for $111 million approved May, 2000).
". . . (Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases . . . In 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here . . . I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you purchased Quovadx stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esq. Douglas M. Risen, Esq. Diane R. Werwinski, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://www.bergermontague.com e-mail: InvestorProtect@bm.net