NEW YORK, Nov. 4, 2004 (PRIMEZONE) -- Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on November 4, 2004 in the United States District Court for the District of New Jersey, on behalf of persons who purchased or otherwise acquired publicly traded securities of Intelligroup Inc. ("Intelligroup" or the "Company") (Nasdaq:ITIG) between May 1, 2001 and September 24, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Intelligroup, Arjun Valluripalli, Nicholas Visco and David J. Distel ("Defendants.")
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.glrslaw.com/get/?case=intelligroup
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that throughout the Class Period, Intelligroup publicly touted its strong financial performance. In reality however, the complaint alleges, that the Company's revenues, net income and earnings were materially misstated as a direct result of Intelligroup's improper accounting practices and inadequate internal controls.
On August 11, 2004, Intelligroup announced that its independent auditors, Deloitte & Touche LLP had resigned from serving as the Company's independent auditor. Then on September 24, 2004, Intelligroup announced that it intended to restate its financial results for the years ended December 31, 2003, 2002 and 2001. Intelligroup shares reacted negatively to the news, falling 32% to close at $1.13 per share.
Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP. Goodkind Labaton is one of the country's premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts. Goodkind Labaton was recently ranked fourth in total recoveries in 2003 among the top 50 plaintiffs' law firms by Institutional Shareholder Services (ISS), the world's leading provider of proxy and corporate governance services. Notably, Goodkind Labaton recovered over half a billion dollars for its clients last year.
If you bought Intelligroup securities between May 1, 2001 and September 24, 2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than December 13, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.