LITTLE ROCK, Ark., Oct. 12, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it had filed a class action in the United States District Court for the Western District of Washington on behalf of purchasers of Onyx Software Corporation ("Onyx" or the "Company") (Nasdaq:ONXS) publicly traded securities, including those who purchased stock pursuant to Onyx's secondary stock offering in February 2001, during the period between January 10, 2001 and April 3, 2001, inclusive (the "Class Period"). The class period is being expanded to include purchases between January 10, 2001 and August 10, 2001.
The complaint charges Onyx and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Onyx is a supplier of customer-relationship management enterprise applications that are designed to connect a company's sales, marketing and service organizations with customers, prospects and partners. On January 19, 2001, Onyx announced the acquisition of Revenue Lab and, after the close of the market, hosted a conference call to discuss the acquisition and the Company's business and prospects. Later, Onyx reported favorable, but false, financial results. The complaint alleges that during the Class Period, Onyx made misleading statements about its business and issued false and misleading financial results, causing its stock to be artificially inflated. As a result of this inflation, Onyx was able to complete a secondary offering of 2.5 million shares at $13.50 per share, raising net proceeds of $31.5 million on February 7, 2001.
Then, on April 3, 2001, just weeks after this offering was completed, Onyx revealed that its 1stQ01 results would be sharply lower than the market had been led to expect with revenues of only $26-27 million and a large loss. The stock dropped below $3 per share on this news. Later, on August 10, 2001, after the market closed, defendants revealed that Onyx's 4thQ00 results had been materially misstated and would have to be restated. After this announcement, Onyx's stock price dropped to as low as $3.70 on August 13, 2001 compared to the Class Period high of $17.25.
If you bought the securities of Onyx between January 10, 2001 and August 10, 2001 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 29, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman and Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
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 investors throughout the nation. If you have any questions about how you may be able to recover your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, 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 Investor Relations Department: Jackie Addison, Sue Null or Charlie Gastineau P.O. Box 25438 Little Rock, AR 72221-5438 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.