PHILADELPHIA, July 7, 2004 – LAWFUEL – The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit was commenced in the United States District Court for the Southern District of New York, on behalf of purchasers of the securities of The BISYS Group, Inc. (“BISYS” or the “Company”) (NYSE: BSG – News) between October 23, 2000 through May 17, 2004, inclusive (the “Class Period”).
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The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that during the Class Period, defendants issued materially false and misleading financial statements that misrepresented the financial condition of the Company to investors. On May 17, 2004 it was revealed in a press release issued by the Company stating that the previously reported adjustment of $24.7 million to commissions receivable in its Life Insurance Division needed to be increased to roughly $70-$80 million and this adjustment would require the Company to make “a restatement of its financial results for each of the fiscal years ended June 30, 2003, 2002, and 2001, as well as its interim results for fiscal 2004.”
If you purchased BISYS securities during the Class Period, you may, no later than July 19, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the “largest financial interest” in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the “largest financial interest,” and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in BISYS securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
