NEW YORK, June 15, 2005 (PRIMEZONE) -- Wechsler Harwood LLP today announced that it has filed a Federal Securities fraud class action suit on behalf of all purchasers of the common stock of TIBCO Software, Inc. ("TIBCO" or the "Company") (Nasdaq:TIBX) acquiring the stock between September 21, 2004 and March 1, 2005, both dates inclusive (the "Class Period").
The action, entitled, Guzzetti v. TIBCO Software, Inc., et al., Case No. (not yet assigned), is pending in the United States District Court for the Northern District of California, and names as defendants, the Company and certain of its senior officers and directors. A copy of the complaint can be obtained from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that TIBCO, a company engaging in the development and marketing of software solutions for the integration of business information, processes, and applications, and other defendants failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them, including that: (a) the Staffware PLC integration was not yet complete; (b) the failed integration of Staffware was causing material disruptions for the Company; (3) the failed Staffware integration caused a paralysis of leadership in the Company's European management, which resulted in a lack of execution in all European markets for the Company; (4) as such, the Company was unable to close any licensing deals that resulted in revenue of more than $5 million; and (5) the Company did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company's public statements and representations to investors.
On March 1, 2005, defendants announced that TIBCO's results for the first quarter of fiscal year 2005 were well below guidance. Even worse, during TIBCO's first quarter of fiscal year 2005 conference call, defendants revealed that Staffware not only remained unintegrated, but because of integration- related problems, European sales had been paralyzed. News of this shocked the market. Shares of TIBCO fell $1.86 per share, or 20.9 percent, to close at $7.04 per share on unusually heavy trading volume.
If you are a member of the class described above, you may, not later than July 25, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400