Contact Information: Contact: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Cadence Design Systems, Inc.
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - November 11, 2008) - Bronstein, Gewirtz & Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the Northern District of California on behalf of those who
purchased the securities of Cadence Design Systems, Inc. ("Cadence" or the
"Company") (NASDAQ : CDNS ) between April 23, 2008 and October 22, 2008,
inclusive (the "Class Period").
The complaint charges Cadence and certain of its current and former
officers with violation of the Securities Act of 1933. On or about October
15, 2008, Cadence's stock declined 15% after the company disclosed that
five of its executives had resigned including Michael Fister, the
President, Chief Executive Officer, and director of the company. Merely a
week later, on or about October 22, 2008 the Company stunned investors by
acknowledging that the company was reviewing the recognition of revenue
related to customer contracts signed in the first quarter of 2008 and that
it expected to restate its financial statements not only for that quarter,
but also the first half of 2008. On this news, shares of Cadence declined
$1.10 per share, more than 25%, to close on October 23, 2008 at 3.22 per
share, on unusually heavy volume.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. December 29, 2008 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.