HARTFORD, Conn., July 25, 2007 LAWFUEL – The Class Actions Legal Newswire — The law firm of
Schatz Nobel Izard 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 District of Connecticut on behalf of all persons
who purchased the common stock of Greenfield Online, Inc.
(“Greenfield”) (Nasdaq:SRVY) between February 9, 2005 and September 30,
2005, inclusive (the “Class Period”). Also included are those who
received shares of Greenfield in the acquisition of Ciao AG.
The Complaint charges that Greenfield and certain of its officers and
directors violated federal securities laws. Specifically, it is alleged
that Defendants issued materially false and misleading statements
concerning Greenfield, its business, operations and prospects.
Unbeknownst to shareholders, the true facts were (i) that Greenfield
was experiencing several adverse trends in its core business which were
negatively impacting its revenues and earnings and causing the Company
to miss its internal performance expectations; (ii) that the Ciao AG
acquisition was not a success as Ciao AG was not performing according
to expectations; and (iii) that Greenfield was materially overvaluing
Ciao AG and should have, but did not, write down the value of Ciao AG
on its financial statements.
On August 9, 2005, Greenfield announced that it was lowering its
outlook on fiscal 2005. On the next trading day, Greenfield’s stock
fell $3.31 per share, or 27%, to close at $8.94 per share. Then, on
September 29, 2005, the Company again lowered its outlook for the 2005
third quarter and fiscal year. Moreover, the Company announced that
defendant Dean A. Wiltse, the Company’s President and Chief Executive
Officer, had left the Company. On this news, shares of Greenfield’s
stock fell $1.53 per share, or over 20%, to close at $5.44 per share.
If you are a member of the class, you may, no later than September 24,
2007, 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 Izard P.C. 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 Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
