NEW ORLEANS, April 14, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") announces that it has commenced an investigation into Sourcefire, Inc. ("Sourcefire" or the "Company") (Nasdaq:FIRE) to determine whether it has violated federal securities laws by selling stock pursuant to a materially false and misleading prospectus in or about March, 2007.
Shares of Sourcefire sunk to $12.27 per share on Monday, April 9, 35% lower than the highs achieved in the days after the March, 2007 IPO, after the Company said it expects to post a first-quarter loss between $2.2 million and $2.6 million on sales between $10.1 million and $10.5 million. In additional comments Monday afternoon, Chairman and Chief Executive Wayne Jackson attributed the numbers to a "smaller-than-expected initial order from a substantial and strategic new account and an unusual number of transactions delayed or deferred very late in the quarter."
KGS will also investigate Company insiders to determine whether they sold millions of dollars of stock in the IPO in violation of federal securities laws.
If you are a Sourcefire shareholder or purchased shares in the IPO or shortly thereafter, and would like to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100, or by email at lewis.kahn@kgscounsel.com. KGS focuses its practice on securities fraud litigation, and the firm's lawyers have significant experience working on securities fraud cases that have resulted in significant recoveries for shareholders. For more information on KGS, please visit www.kgscounsel.com.