NEW YORK, Sept. 8, 2006 (PRIMEZONE) -- Roy Jacobs & Associates announces that it has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock and other securities of Aspen Technology Inc. ("Aspen Tech" or the "Company") (Nasdaq:AZPN) who purchased during the period from February 6, 2006 through September 6, 2006 (the "Class Period").
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The complaint alleges that Aspen Tech and certain of its officers and directors violated the federal securities laws by making false and misleading statements and omissions concerning the backdating of the grant of stock options to management, and the falsification of its financial statements for the years 2002-2005 and the first three quarters of 2006. The Company had been previously forced to restate its financial statements for the years 2002-2004 in 2005, and the investing public was led to understand such accounting issues were resolved. The practice of manipulating stock option dates not only potentially lines the pockets of the executives, but here resulted in the overstatement of Aspen Tech's earnings between 2002 and 2005, and the under-booking of compensation expenses. Under accounting rules, back-dating an option grant is deemed the payment of additional compensation and must be accounted for as an expense, which Aspen Tech failed to do.
On September 6, 2006, the defendants shocked the market by announcing that the Company would be forced to restate its financial statements to correct for the backdating of stock options, by booking approximately $31 million of additional compensation charges. On this news the Company's share prices declined substantially on greatly increased share volume.
If you purchased Aspen Tech stock or other securities during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased Aspen Tech stock or other securities from February 6, 2006 through September 6, 2006. You are not required to have sold your Aspen Tech stock or other 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 by November 7, 2006.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact Roy L. Jacobs. Mr. Jacobs will personally speak with you at no cost or obligation.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca