NEW YORK, Aug. 3, 2004 (PRIMEZONE) -- Frank & Sailer LLP announces that a class action lawsuit was filed on behalf of all purchasers securities of salesforce.com, inc. (NYSE:CRM) ("salesforce" or the "Company") between June 21, 2004 through July 21, 2004, inclusive (the "Class Period").
The complaint charges that salesforce, Marc R. Benioff, and Steve Cakebread violated the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company knew or recklessly disregarded the fact that its revenues and earnings per share were steadily declining; (2) that the defendants concealed the aforementioned facts from the investing public in order to boost the price of the I.P.O., which netted the Company $126 million; and (3) that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's growth and progress.
On July 21, 2004, salesforce warned that profit and revenue for the full year will be lower than expected, and the stock promptly plunged. Shares of salesforce fell $4.36 per share or 27.15 percent, on July 21, 2004, to close at $11.70 per share.
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.
If you purchased or acquired the common stock of salesforce.com, inc. between June 21, 2004 through July 21, 2004, inclusive, and sustained damages, you may, no later than September 24, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/cases.htm. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca