BALA CYNWYD, Pa., Jan. 10, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Northern District of California claims that Sagent Technology, Inc. (Nasdaq:SGNT) misled shareholders about Sagent's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought Sagent Technology, Inc. securities between May 11, 2001 and November 28, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Sagent Technology, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at www.sbclasslaw.com.
The complaint alleges that the California-based Sagent Technology, Inc. issued false and misleading statements to the public about the company's business and financial condition.
The complaint alleges that during the Class Period, defendants caused Sagent's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Sagent was able to complete a private placement offering of 9.1 million shares, raising net proceeds of $16.8 million on August 1, 2001.
On November 15, 2001, just months after this offering was completed, Sagent revealed that its Q3 results, and possibly other quarters, were false when issued. The stock dropped below $.70 per share on this news. Then, on November 28, 2001, after the market closed, defendants revealed that Sagent's Q1-Q3 results had been materially misstated and would have to be restated.
If you purchased Sagent Technology, Inc. securities during the period May 11, 2001 and November 28, 2001, you may be a member of the class and have until January 29, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.