NEW YORK, March 26, 2004 (PRIMEZONE) -- Notice is hereby given that Murray, Frank & Sailer LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of California, on behalf of a class (the "Class") consisting of all persons who purchased securities of Siebel Systems, Inc. ("Siebel Systems" or the "Company") (Nasdaq:SEBL) between October 1, 2001 and July 17, 2002, inclusive (the "Class Period"). Defendants include Siebel Systems, Thomas M. Siebel, Kenneth M. Goldman, and R. David Schmaier. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5).
The complaint alleges that during the Class Period, the Company overstated customer acceptance of its new product offerings -- including Siebel 7 CRM -- and failed to disclose that "independent" customer satisfaction surveys which persuaded investors that a vast majority of the Company's customers would purchase products from the Company in the future were in fact carried out by an affiliated company and could not be relied upon. On July 17, 2002, Siebel announced its second quarter June 30, 2002 earnings reporting a dramatic drop in revenues of more than 15% and a 33% shortfall in earnings compared to consensus analyst forecasts. The Company also confirmed the continuing slide in demand for Siebel Systems' products by slashing revenue forecasts for the remainder of 2002 by an additional 25%. In unusually heavy volume of 65 million shares traded, Siebel Systems share prices dropped $2.13 on July 18 to close at $9.61.
Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer 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.
To discuss this action, this announcement, or your rights or interests, please contact plaintiffs' counsel, Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer 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 e-mail at info@murrayfrank.com.