HARTFORD, Conn., Nov. 3, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Texas on behalf of all persons who purchased the securities of Motive, Inc. (Nasdaq:MOTV) between July 11, 2005, and October 26, 2005 (the "Class Period").
The Complaint alleges that Motive, Inc. violated federal securities laws by issuing improper financial statements. On October 27, 2005, Motive announced that it was restating its financial results for the previous two quarters. On this news, the price of Motive stock fell from a close of $4.12 per share on October 26, 2005, to close at $3.66 per share on October 27, 2005.
If you are a member of the class, you may, no later than January 2, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.