HARTFORD, Conn., Sept. 11, 2006 (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 District of Massachusetts on behalf of all persons who purchased the publicly traded securities of Aspen Technology, Inc. (the "Company") (Nasdaq:AZPN) between February 6, 2006 and September 6, 2006, inclusive (the "Class Period").
The Complaint alleges that Aspen and certain of its officers and directors violated federal securities laws by issuing a series of materially false statements 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 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 announced that Aspen 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.
If you are a member of the class, you may, no later than November 7, 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.