NEW YORK, June 19, 2004 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces the commencement of a Class Action filed in the United States District Court District of Colorado, on behalf of all persons or entities who purchased or otherwise acquired BISYS Group Inc. ("BISYS" or the "Company") securities (NYSE:BSG) between October 23, 2000 to May 17, 2004, inclusive (the "Class Period"). The deadline for filing a certification as a shareholder is July 18, 2004. (Certification forms are available at http://www.murrayfrank.com/newcases_203.htm)
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP, 275 Madison Avenue, Suite 801, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at info@murrayfrank.com.
The complaint alleges defendants caused BISYS's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements that underrepresented anticipated adjustments to its commissions receivables. As a result of this inflation, BISYS was able to raise $250 million in a convertible note offering while the individual defendants were able to reap more than $25 million in insider trading proceeds. On May 17, 2004, the Company issued a press release that stated, in pertinent part:
Based upon a continuing review and analysis of commissions receivable in its Life Insurance division, BISYS has determined that the previously reported adjustment of $24.7 million ($15.5 million net of tax) to commissions receivable in its Life Insurance division will be increased to approximately $70 million to $80 million (approximately $44 million to $50 million net of tax).
The stock price fell 10%, to below $13 per share, on this news. Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired BISYS Group Inc. securities during the Class Period described above, you may, no later than July 18, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at http://www.murrayfrank.com/newcases_203.htm. Contact plaintiff(s counsel Eric J. Belfi or Aaron D. Patton at Murray, Frank & Sailer LLP to further discuss this action, this announcement, or your rights or interests.