LITTLE ROCK, Ark., March 23, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the District of New Jersey on behalf of all individuals and institutional investors that purchased American Depository Shares ("ADS's") of NICE Systems, Ltd. ("NICE" or the "Company") (Nasdaq:NICE) between February 16, 2000 and February 7, 2001, inclusive (the "Class Period").
The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's revenues, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Specifically, defendants improperly and prematurely recognized revenues in its fiscal year ending December 31, 1999 and in the first three quarters of the year 2000, thus making the Company's press releases issued on the following dates materially false and misleading: 1) February 16, 2000; 2) May 3, 2000; 3) August 2, 2000; 4) November 1, 2000; and 5) December 28, 2000. In addition, the Complaint alleges that statements made by defendants in the Company's Report on Form 20-F filed with the SEC on May 26, 2000 and other statements made during the Class Period regarding the Company's financial results were materially false and misleading. On February 8, 2001 when the Company announced that its financial results for fiscal year 1999 and the first three quarters of fiscal 2000 would require restatement due to the improper recognition of revenue, the price of NICE Systems' ADS's fell almost 30% in one day to $13.10.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by April 13, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP
Sue Null, Charlie Gastineau or Jackie Addison
P.O. Box 25438
Little Rock, AR 72221
Toll Free: 1-888-551-9944
E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca