PHILADELPHIA, March 23, 2001 (PRIMEZONE) -- The following statement was issued today by the law firm of Spector, Roseman & Kodroff, P.C.:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of Texas on behalf of all persons who purchased the common stock of Ascendant Solutions, Inc., formerly known as ASD Systems, Inc., ("ASD" or the "Company") (Nasdaq:ASDS) between November 11, 1999 and January 24, 2000, inclusive (the "Class Period").
The lawsuit alleges that ASD and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing false and misleading statements concerning the Company's business. Specifically, the complaint alleges that the Prospectus for the Company's November 11, 1999 initial public offering contained materially false and misleading statements regarding the Company's past performance and ability to provide reliable outsourced services to online retailers and direct marketing companies. On January 24, 2000, ASD's misrepresentations were revealed and the price of ASD common stock collapsed by more than 30%.
Plaintiffs seek to recover damages on behalf of all purchasers of ASD common stock during the Class Period (the "Class"). The plaintiffs are represented by the law firm of Spector, Roseman & Kodroff, P.C., among others, who have extensive experience in prosecuting investor class actions and financial fraud.
If you are a member of the Class described above, you may, no later than March 30, 2001, move the Court to serve as lead plaintiff of the Class, if you so choose. In order 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, please contact plaintiff's counsel Robert M. Roseman toll-free at 888/844-5862 or via E-mail at classaction@spectorandroseman.com. For more detailed information about the firm please visit its website at http://www.spectorandroseman.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca