BALA CYNWYD, Pa., Nov. 10 2004 – LAWFUEL – Class action, litigation, legal, law firm news – The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all securities purchasers of Aspen Technology Inc. (Nasdaq: AZPN – News; “Aspen” or the “Company”) from January 25, 2000 through October 29, 2004, inclusive (the “Class Period”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected]
The complaint charges Aspen, Lawrence Evans, David McQuillin, Lisa W. Zappala, and Charles Kane, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company inappropriately recognized revenues from certain software license and service agreements entered into with certain alliance partners and other customers during fiscal years 2000-2002; (2) that the Company’s financial results were in violation of Generally Accepted Accounting Principles (“GAAP”); (3) that the Company lacked adequate internal controls; and (4) that as a result of the above, the Company’s financial results were materially inflated at all relevant times.
On October 27, 2004, Aspen announced that its Audit Committee had undertaken a detailed review of the accounting for certain software license and service agreement transactions entered into with certain alliance partners and other customers during fiscal years 2000-2002. This news shocked the market. Shares of Aspen fell $.20 per share, or 2.91 percent, on October 28, 2004, to close at $6.68 per share. On October 29, 2004, Aspen said federal prosecutors had launched a probe into the software company’s accounting practices from 2000 through 2002. On this news, Aspen’s shares tumbled a further $.67 per share, or 10.03 percent, on October 29, 2004, to close at $6.01 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than January 10, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Darren J. Check, Esq.
Three Bala Plaza East, Suite 400
Bala Cynwyd, PA 19004
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at [email protected]