LOS ANGELES, March 29, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed 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 or otherwise acquired securities of Siebel Systems, Inc. ("Siebel" or the "Company") (Nasdaq:SEBL) between October 1, 2001 and July 17, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg 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 Siebel and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and material misrepresentations concerning Siebel's business operations and prospects artificially inflated the Company's stock price, inflicting damages on investors. Siebel develops and sells Web applications software for organizations to manage customer, partner and employee relationships. The complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented Siebel's business and future prospects by overstating customer acceptance of its new product offerings -- including Siebel 7 -- and failed to disclose that "independent" customer satisfaction surveys, which persuaded investors that a vast majority of the Company's customers would make future purchases of Siebel products, actually were conducted by an affiliated company, and thus were unreliable.
On July 17, 2002, Siebel announced its second quarter 2002 earnings, reporting a more-than-15% drop in revenues and a 33% shortfall in earnings compared to consensus analyst forecasts, and confirming the continuing slide in demand for Siebel products by slashing revenue forecasts by an additional 25% for the remainder of 2002. The next day, in unusually heavy volume, Siebel share prices plummeted 18%. Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg 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 May 10, 2004, 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg 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