Marchfirst - Class Action angekündigt - 500 Beiträge pro Seite

[FriscoTom]

Thursday October 26, 2:54 pm Eastern Time
Press Release
Wolf Haldenstein Commencing Securities Fraud Class Action Against marchFIRST, Inc. and Certain Officers of the Company
NEW YORK--(BUSINESS WIRE)--Oct. 26, 2000-- The following was released today by Wolf Haldenstein Adler Freeman & Herz LLP:

Wolf Haldenstein Adler Freeman & Herz LLP is commencing a class action lawsuit in the United States District Court for the Northern District of Illinois, Eastern Division on behalf of all purchasers of marchFIRST, Inc. (``marchFIRST`` or the ``Company``) securities during the period between July 25, 2000 and October 23, 2000, inclusive (the ``Class Period``). A copy of the complaint may be viewed on the Wolf Haldenstein web site located at www.whafh.com.

The complaint charges marchFIRST and certain of its officers and directors with violations of the Securities Exchange Act of 1934. As alleged in the Complaint, during the Class Period, defendants, through the issuance of false and misleading statements published over major news wires and made to securities industry analysts, endeavored to inflate the price of the Company`s securities. As detailed therein, defendants, while in possession of information indicating that the Company`s third-quarter 2000 would be a disappointment for a variety of reasons, falsely told analysts that the Company`s third-quarter 2000 projections were on track to meet analysts consensus expectations and the Company`s products were well received by the Company`s customers. In fact, as later disclosed by defendants at the conclusion of the Class Period, the Company`s account receivables had substantially swelled and unrecoverable accounts mandated a substantial write-down during the third-quarter or, in the alternative, the creation of a substantial reserve to offset against the potential loss.

On October 24, 2000, the Company shocked the investment community when it announced that third-quarter earnings of $2 million, or one cent per share, were far less than the 20 cents a share that analysts expected from the Company, according to estimates from First Call. The massive earnings shortfall sent the Company`s common stock plummeting, and by the end of the day, the stock had lost more than half its value, dropping 58.7 percent to close at $4.88.

Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com). The Wolf Haldenstein firm has a full service commercial practice consisting of approximately 50 attorneys based in New York City, San Diego, New Jersey and Chicago. The firm`s litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm`s qualifications have repeatedly received very favorable judicial recognition. The firm has achieved recoveries of $2 billion on behalf of investors and shareholders.

If you purchased marchFIRST securities during the Class Period, you have until December 26, 2000, to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at [phone] (Michael Miske, George Peters, Fred Taylor Isquith, Esq., or Gregory M. Nespole), via e-mail at [e-mail] or [e-mail], or you may visit our web site located at www.whafh.com.


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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Michael Miske, George Peters, Fred Taylor Isquith, Esq.,
or Gregory M. Nespole, 800/575-0735
[e-mail]
or [e-mail]

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