MILWAUKEE, March 3, 2003 (PRIMEZONE) -- The law firm of Ademi & O'Reilly, LLP announced that a class action lawsuit was filed on February 13, 2003, on behalf of purchasers of the securities of Parametric Technology Corp. ("Parametric" or the "Company") (Nasdaq:PMTC) between October 19, 1999 and December 31, 2002 inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on our Web site at: www.ademilaw.com/parametric/php.
The complaint charges that defendants violated Federal securities laws by issuing a series of materially false and misleading statements to the market between October 19, 1999 and December 31, 2002. The complaint alleges that, throughout the Class Period, Parametric issued numerous statements and filed quarterly and annual reports with the SEC, which described the Company's supposedly increasing revenues and financial performance. These statements were materially false and misleading when made, the complaint alleges, because the Company had overstated its revenue since fiscal 1999, in violation of generally accepted accounting principles and because the Company lacked adequate internal controls and was unable to accurately determine and report the Company's financial condition. On December 31, 2002, after the close of regular trading, Parametric issued a press release announcing a "$20 to $25 million of previously recognized maintenance revenue which should have been deferred and recognized in fiscal 2003 and later periods." Accordingly, the Company announced, it "expects to report a corresponding reduction in maintenance revenue in prior periods, primarily in fiscal year 2002." In reaction, on January 2, 2003, shares of Parametric closed at $2.19 per share, after hitting an intraday low of $1.95, as compared with a Class Period high of $32.88 per share, reached on December 16, 1999.
If you bought the securities of Parametric between October 19, 1999 and December 31, 2002 you may, no later than April 15, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. 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 serve as a lead plaintiff. You may retain Ademi & O'Reilly, LLP, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the Guri Ademi at (866) 264-3995 or via e-mail at gademi@ademilaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.