LOS ANGELES, April 25, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- representing shareholders of Acclaim Entertainment, Inc. -- announces 18 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Acclaim Entertainment, Inc. ("Acclaim" or the "Company") (Nasdaq:AKLM) between January 22, 2002 and September 19, 2002, inclusive (the "Class Period"), may move the Court not later than May 13, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Acclaim and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning Acclaim's financial performance caused Acclaim's stock price to become artificially inflated, inflicting damages on investors. Acclaim is a developer of interactive entertainment software. The complaint alleges that during the Class Period, Acclaim improperly capitalized software development costs and overstated earnings by recording declining allowances for returns and price concessions together with failing to write down receivables despite deteriorating customer quality and increasing delinquent accounts receivables. Plaintiff claims that these materially false and misleading statements caused Acclaim shares to trade at artificially inflated levels and, as a result of this inflation, Acclaim was able to complete a private placement offering raising net proceeds of $21.5 million on April 11, 2002. On September 19, 2002, just months after the offering was completed, Acclaim revealed that its fiscal year 2002 first and second quarter results and 2003 projections were false when issued. As a result of this news, Acclaim stock dropped from a Class Period high of $5.85 to less than $1 per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca