NEW YORK, Sept. 15, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces that a class action lawsuit was filed on behalf of all purchasers of the common stock of Wireless Facilities Inc. (Nasdaq:WFII) ("Wireless" or the "Company") from April 26, 2000 through August 4, 2004, inclusive (the "Class Period").
The complaint charges Wireless, Masood Tayebi, Terry Ashwill, Daniel Stokely, Eric DeMarco, and Thomas Munro with violations of 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 had materially underreported its burgeoning foreign tax burden; (2) that as a consequence of the foregoing, the Company materially inflated its net income or loss by 3-8 percent or $10-12 million; (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) that as result of the above, the Company's financial results were materially inflated at all relevant times.
On August 4, 2004, Wireless reported results for the second quarter of fiscal year 2004. In addition, the Company announced that it intends to restate its financial statements filed on Form 10-K for the years 2001 through 2003 to accrue for certain foreign tax contingencies. News of this shocked the market. Shares of Wireless fell as much as, 30% and reached at one point on August 5, 2004, its 52 week low of $4.61 per share on unusually heavy trading volume. At the end of the trading day, shares of Wireless fell $1.96 per share or 28.08 percent to close at $5.02 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 April 26, 2000 through August 4, 2004, inclusive, and sustained damages, you may, no later than October 4, 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/CM/NewCases/NewCases.asp. 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.