CONSHOHOCKEN, Pa. Feb. 13, 2006- LAWFUEL – The Law News Network -Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Eastern District of Michigan, on behalf of persons who purchased or otherwise acquired publicly traded securities of ProQuest Company (“ProQuest” or the “Company”) (NYSE:PQE) between January 9, 2003 and February 8, 2006, inclusive, (the “Class Period”). The lawsuit was filed against ProQuest and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at [email protected] and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than April 11, 2006 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants issued a series of false and misleading statements regarding the Company’s financial health during the class period. More specifically, on February 9, 2006, ProQuest announced that it had discovered material irregularities in its accounting, in particular certain deferred income and accrued royalty accounts were materially understated. The Company also announced it would have to restate its financial results. In reaction to this news, share of ProQuest fell to a low of $21.90 per share, before closing at $24.19 on very heavy volume.
If you bought ProQuest securities between January 9, 2003 and February 8, 2006, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.