NEW YORK, June 7, 2005 (PRIMEZONE) -- Roy Jacobs & Associates today announced that it has filed a class action in the United States District Court for the Southern District of New York on behalf of purchasers of AuthentiDate Holding Corp. ("AuthentiDate") (Nasdaq:ADAT) publicly traded securities during the period between September 29, 2003 and May 27, 2005 (the "Class Period").
The complaint charges AuthentiDate and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by disseminating false and misleading public announcements during the Class Period.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business and prospects, specifically about revenues to be derived from an agreement with the U.S. Postal Service and the marketability of its electronic postmark technology. As a result, AuthentiDate securities traded at artificial levels during the Class Period.
On May 27, 2005, the Company issued a press release announcing that ongoing discussions with the United States Postal Service regarding the status of its Strategic Alliance Agreement had reached a critical stage with the receipt of a second notice from the Postal Service stating that AuthentiDate had failed to attain the required performance metrics. On this news, AuthentiDate's stock collapsed to $2.94 per share on volume of 1.28 million shares.
If you purchased AuthentiDate securities between September 29, 2003 and May 27, 2005, you may qualify to serve as Lead Plaintiff on behalf of the Class. You are not required to have sold your securities in order to claim damages, or to serve in this role. All motions for appointment as Lead Plaintiff must be filed with the Court no later than August 2, 2005.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.