LOS ANGELES, April 28, 2006 (PRIMEZONE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Merge Technologies, Inc. -- announces 24 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Merge Technologies, Inc. ("Merge" or the "Company") (Nasdaq:MRGE) between August 2, 2005 and March 16, 2006, inclusive (the "Class Period"), may move the Court not later than May 22, 2006, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Merge and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Merge's financial performance and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Merge (d.b.a. Merge Healthcare) is engaged in the development and delivery of medical imaging and information management software and services for the original equipment manufacturer and the end user healthcare markets. The Complaint alleges that defendants' Class Period representations regarding Merge were materially false and misleading when made because the Company lacked effective internal controls in its financial reporting such that it was unable to properly analyze and/or estimate Merge Healthcare's future financial and operational performance. As a result of the Company's improper accounting practices, defendants' Class Period statements concerning Merge Healthcare's financial performance and prospects were materially false and misleading.
On February 24, 2006, Merge issued a press release announcing that the Company was delaying the release of its fourth-quarter 2005 financial results, that the Company expected a substantial loss for the quarter and was reducing its revenue guidance for the year. This news shocked the market. Shares of Merge fell $4.00 per share, or 16.33%, to close at $20.50 per share on February 24, 2006. Over the next three trading days, Merge shares continued falling an additional 12%, to close at $18.12 by the end of trading on March 1, 2006, as a result of this news. On March 17, 2006, the Company's stock plummeted an additional $2.12, or 11.8%, and closed at $15.85 as a result of additional negative revelations concerning the Company's operations and performance.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than May 22, 2006, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca