SAN DIEGO, May 8, 2002 (PRIMEZONE) -- An investor sued Peregrine Systems, Inc. (Nasdaq:PRGN) in federal court today, claiming that the company inflated its stock price by misleading the public, Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The class-action complaint was filed in the U.S. District Court for the Southern District of California. It seeks damages for violations of federal securities laws on behalf of all investors who bought Peregrine common stock from July 19, 2000 through May 3, 2002 (the Class Period).
Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, please visit the firm's Website at www.bermanesq.com.
The complaint accuses Peregrine, a San Diego-based software company, of misleading investors about its business and finances by improperly recording revenue it later wrote off.
The complaint states that news of the problems came to light May 6, 2002, when Peregrine disclosed an internal investigation into potential accounting inaccuracies in fiscal 2001 and 2002 -- revenue recognition irregularities that could total up to $100 million. In the same statement, Peregrine announced the resignations of Stephen Gardner, the company's chief executive officer, and Matthew Gless, its executive vice president of finance. The complaint names Gardner and Gless as individual defendants.
Following the May 6 announcement, Peregrine's stock plummeted 65% to a 52-week low of $0.89.
If you purchased Peregrine Systems, Inc. common stock during the period from July 19, 2000 through May 3, 2002, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Julie Richmond, Esq. Jennifer Abrams, Esq.
Michael G. Lange, Esq. Nicole Lavallee, Esq.
One Liberty Square 425 California Street
Suite 2025
Boston, MA 02109 San Francisco, CA 94104
(800) 516-9926 (415) 433-3200
law@bermanesq.com
You may also visit the firm's Website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than July 8, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 34 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca