ATLANTA, May 5, 2003 (PRIMEZONE) -- Chitwood & Harley announces that it has filed a class action lawsuit in the United States District Court for the District of Texas, on behalf of all who purchased or acquired the securities of i2 Technologies, Inc. ("i2" or the "Company") (Nasdaq:ITWOE) between April 18, 2000 and January 24, 2003, inclusive (the "Class Period"). The suit is brought against i2 Technologies, Inc. and certain of its officers and directors. A copy of the complaint is available on the website, www.classlaw.com by clicking on i2 Technologies. If you would like to discuss your rights in connection with this action, please contact Jennifer Morris at jlm@classlaw.com or at 1-888-873-3999, ext. 6883.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. In particular, the Complaint charges that Defendants ignored warnings from former executive officers of i2 that the Company was improperly recognizing revenue from several customer contracts. Defendants nevertheless continued to report "record" financial results throughout the Class Period in press releases and filings with the SEC. Moreover, during the Class Period, i2 completed several multi-billion acquisitions using its common stock as currency, and the officers of i2 named as defendants in the Complaint, along with other i2 insiders, sold to hundreds of thousands of shares of i2 stock at tens of millions of dollars in proceeds.
Prior to the market open on January 27, 2003, more than a year after defendants had been notified of i2's improper revenue recognition, i2 disclosed that it would re-audit its financial statements for 2000 and 2001, and informed investors that they should not rely on previously issued financial statements pending the re-audit. Following this disclosure, i2 stock fell more than 26%, on extremely heavy trading volume. The Complaint alleges that as a result of these false and misleading statements the price of i2 securities was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
The deadline to file lead plaintiff papers, for those class members wishing to serve in this capacity, is May 27, 2003. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Lauren Antonino or Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website, www.classlaw.com, by clicking on i2 Technologies, Inc.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in the highest recovery last year in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca