HARTFORD, Conn., Aug. 10 LAWFUEL – The Law News Network– The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the Southern
District of New York on behalf of all persons who purchased the common stock
of Workstream, Inc. (Nasdaq: WSTM) (“Workstream”) between January 14, 2005,
and April 14, 2005 (the “Class Period”).
The Complaint alleges that Workstream violated federal securities laws by
issuing materially false or misleading financial statements. Specifically,
the Complaint alleges that Workstream improperly recognized revenue for sales
of computer software by using an inapplicable “percentage of completion”
accounting methodology.
If you are a member of the class, you may, no later than October 10, 2005,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, class action cases in general, and your rights,
please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at
sn06106@aol.com, or visit our website: http://www.snlaw.net.
CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net
e-mail: sn06106@aol.com
