NEW YORK, May 24, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the Southern District of California on behalf of all investors who purchased or otherwise acquired the common stock of Peregrine Systems Inc. (Nasdaq:PRGN) during the period from July 20, 2000 through May 3, 2002 (the "Class Period"). The action includes claims on behalf of those investors who, during the Class Period, acquired Peregrine stock as a result of Peregrine's acquisitions of Extricity Inc., Remedy Corp. and Loran Technologies.
A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please visit our Website, which offers summary and detailed information concerning the case at www.kmslaw.com/new_cases/peregrine/peregrine.htm, or contact us by phone at (888) 529-4787 or by email at obraun@kmslaw.com.
The action charges Peregrine Systems Inc. ("Peregrine"), as well as Peregrine's chief executive officer and chief financial officer, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The violations, as the complaint alleges, stem from the issuance of allegedly false financial statements during the class period, which had the effect -- during the class period -- of artificially inflating the price of Peregrine's shares.
On April 30, 2002, Peregrine announced that it would delay issuing its financial results for fiscal 2002, and on May 6, 2002, Peregrine disclosed that its board had formed a committee to investigate "certain transactions involving revenue recognition irregularities, totaling as much as $100 million" during fiscal 2001 and 2002. In reaction to such news, Peregrine's shares fell from $6.80 on April 30, 2002 to less than $1.00 per share on May 6, 2002.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's Website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than July 5, 2002, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Randall K. Berger, Esq. Orie Braun KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca