LOS ANGELES, Jan. 23, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Integral Systems, Inc. -- announces 24 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons or entities who purchased or otherwise acquired the securities of Integral Systems, Inc. ("Integral Systems" or the "Company") (Nasdaq:ISYS), between April 28, 2008 and December 10, 2008, inclusive (the "Class Period"), may move the Court not later than February 16, 2009, 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, or Richard A. Maniskas, 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 Integral Systems and certain of its 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 the Company's business, operations and prospects, caused Integral Systems' stock price to become artificially inflated, inflicting damages on investors. Integral Systems builds satellite ground systems and equipment for command and control, integration and test, data processing, and simulation.
The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate the following: (1) that the Company improperly recognized revenue; (2) that as a result, the Company misstated its financial results during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On December 11, 2008, Integral Systems shocked investors when it revealed that the unaudited financial statements of the Company for the interim periods ended December 31, 2007, March 30, 2008 and June 30, 2008 should no longer be relied upon due to an error in the accounting treatment for certain transactions with respect to the timing of the recognition of revenue between periods. The Company further disclosed that, as a result, the Company would restate its previously filed financial statements for those interim quarterly periods in fiscal year 2008. The Company estimated that the net impact of the adjustments for the first three quarters of 2008 would result in a decrease of approximately $10 million in revenues, a decrease of approximately $3 million in gross profit, a decrease of approximately $4 million in operating income, and a decrease of approximately $0.13 in earnings per share. On this news, shares of Integral Systems declined $6.38 per share, or 28.61%, to close on December 11, 2008 at $15.92 per share, on unusually heavy trading volume.
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 February 16, 2009, 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, or Richard A. Maniskas, 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.