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Weitaus besseres 2000er-Ergebnis als veröffentlicht????
Der Verdacht drängt sich mir immer mehr auf. Werde jedenfalls hier einen alternativen Ameisenzock zum ersten Kurs nach Freigabe starten...
Denn: SIEHE FETTSCHRIFT
(wie könnten sich diese Buchungen bilanziell negativ auf den Umsatz auswirken?!).
---
UPDATE 4-Critical Path probes loss, president on leave
(adds legal move by investors, last two paras, edits)
By Ian Simpson
NEW YORK, Feb 2 (Reuters) - Web messaging software company
Critical Path Inc. said on Friday it was probing its
accounting practices and had put its president on leave.
The Nasdaq Stock Market halted trading in the company`s
stock, saying it had asked for more information from the San
Francisco firm. The share price had plunged 60 percent in heavy
pre-opening trading.
Critical Path said in a statement that it had "discovered a
number of transactions that put into question the company`s
financial results."
The company said its fourth-quarter net loss of $11.5
million, excluding special charges, and revenue of $52 million
may "be materially misstated." The results were announced last
month.
President David Thatcher and William Rinehart, the vice
president of worldwide sales, have been put on administrative
leave, the company added.
Analysts said the accounting questions raised doubts about
executives` credibility.
"You can`t trust anything the management has said so far,"
said analyst Richard Juarez of Robertson Stephens in San
Francisco.
"It says stay away, bottom line," he told Reuters.
Lehman Brothers and SG Cowen both downgraded the stock.
Critical Path said its board had formed a special committee
to investigate its net loss and revenue-recognition practices
in the fourth quarter. The inquiry has just started.
In pre-opening action before the Nasdaq trading halt,
Critical Path`s shares plunged to a 52-week low of $3-57/64
from a close of $10-1/16. They were by far the most heavily
traded shares.
The stock has crumbled from a 12-month high of $119-1/2,
set in March 2000.
Critical Path`s software lets companies save money by
outsourcing messaging, document handling, information sharing
and services such as shared calendars. It has estimated that
100 million people worldwide use its services, often through a
third-party provider.
Critical Path jolted Wall Street on Jan. 18 with a surprise
fourth-quarter loss. It also moved back its target for turning
a profit by three quarters.
The company said at the time that the main reason for the
fourth-quarter shortfall was that auditors blocked a bid to
recognize $7 million in sales of directory software that had
been licensed for resale.
Chief Executive Doug Hickey had said in December that the
company was on track to turn a profit in the period.
Analyst Charles Trafton of Adams Harkness in Boston said
questions about the $7 million in sales had probably triggered
looks at other deals in previous periods.
"The fear is that it could be more than just Q4 (the fourth
quarter)," he said.
Trafton and Juarez, the Robertson Stephens analyst, said
the drop in share price heightened the prospect of Critical
Path becoming a takeover target.
A New York law firm, Shalov Stone & Bonner, said investors
had hired it to file a lawsuit because of the "devastating
losses from the sudden and shocking disclosure earlier today."
A class action is expected to be filed on Friday in the
U.S. District Court for the Northern District of California,
the firm said in a statement.
((--Ian Simpson, New York technology desk, (212) 859-1879))
Feedback
--------------------------------------------------------------------------------
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Der Verdacht drängt sich mir immer mehr auf. Werde jedenfalls hier einen alternativen Ameisenzock zum ersten Kurs nach Freigabe starten...
Denn: SIEHE FETTSCHRIFT
(wie könnten sich diese Buchungen bilanziell negativ auf den Umsatz auswirken?!).
---
UPDATE 4-Critical Path probes loss, president on leave
(adds legal move by investors, last two paras, edits)
By Ian Simpson
NEW YORK, Feb 2 (Reuters) - Web messaging software company
Critical Path Inc. said on Friday it was probing its
accounting practices and had put its president on leave.
The Nasdaq Stock Market halted trading in the company`s
stock, saying it had asked for more information from the San
Francisco firm. The share price had plunged 60 percent in heavy
pre-opening trading.
Critical Path said in a statement that it had "discovered a
number of transactions that put into question the company`s
financial results."
The company said its fourth-quarter net loss of $11.5
million, excluding special charges, and revenue of $52 million
may "be materially misstated." The results were announced last
month.
President David Thatcher and William Rinehart, the vice
president of worldwide sales, have been put on administrative
leave, the company added.
Analysts said the accounting questions raised doubts about
executives` credibility.
"You can`t trust anything the management has said so far,"
said analyst Richard Juarez of Robertson Stephens in San
Francisco.
"It says stay away, bottom line," he told Reuters.
Lehman Brothers and SG Cowen both downgraded the stock.
Critical Path said its board had formed a special committee
to investigate its net loss and revenue-recognition practices
in the fourth quarter. The inquiry has just started.
In pre-opening action before the Nasdaq trading halt,
Critical Path`s shares plunged to a 52-week low of $3-57/64
from a close of $10-1/16. They were by far the most heavily
traded shares.
The stock has crumbled from a 12-month high of $119-1/2,
set in March 2000.
Critical Path`s software lets companies save money by
outsourcing messaging, document handling, information sharing
and services such as shared calendars. It has estimated that
100 million people worldwide use its services, often through a
third-party provider.
Critical Path jolted Wall Street on Jan. 18 with a surprise
fourth-quarter loss. It also moved back its target for turning
a profit by three quarters.
The company said at the time that the main reason for the
fourth-quarter shortfall was that auditors blocked a bid to
recognize $7 million in sales of directory software that had
been licensed for resale.
Chief Executive Doug Hickey had said in December that the
company was on track to turn a profit in the period.
Analyst Charles Trafton of Adams Harkness in Boston said
questions about the $7 million in sales had probably triggered
looks at other deals in previous periods.
"The fear is that it could be more than just Q4 (the fourth
quarter)," he said.
Trafton and Juarez, the Robertson Stephens analyst, said
the drop in share price heightened the prospect of Critical
Path becoming a takeover target.
A New York law firm, Shalov Stone & Bonner, said investors
had hired it to file a lawsuit because of the "devastating
losses from the sudden and shocking disclosure earlier today."
A class action is expected to be filed on Friday in the
U.S. District Court for the Northern District of California,
the firm said in a statement.
((--Ian Simpson, New York technology desk, (212) 859-1879))
Feedback
--------------------------------------------------------------------------------
Feedback: We have re-designed the FreeRealTime.com website to give you faster, easier access to a growing list of financial services. Our continuing evolution depends on the valuable feedback we receive from our members. Click here to offer us your suggestions.
Questions: If you have questions and require technical support, contact us at support@corp.freerealtime.com.
fsch,
habe mich nie mit dem titel befasst. wenn möglich, gebe noch ein paar info`s, ich schaue mir die sache mal an. mein interesse ist geweckt.
danke !
gruß siamsi
habe mich nie mit dem titel befasst. wenn möglich, gebe noch ein paar info`s, ich schaue mir die sache mal an. mein interesse ist geweckt.
danke !
gruß siamsi
Alles Wichtige in Kürze:
http://biz.yahoo.com/p/c/cpth.html
Top Institutional Holders of CPTH Shares Value
Benchmark Capital M.C., L.L.C........3,186,768 $32,865,138
Putnam Investment Mana., Inc......3,078,710 $31,750,736
Dresdner Rcm Global Investors LLC....2,545,475 $26,251,484
Munder Capital Management, Inc.......2,102,500 $21,683,082
FMR Corporation (Fidelity ...).......1,946,500 $20,074,254
TCW Group, Inc. (The)................1,329,148 $13,707,503
Wellington Management Company........1,143,500 $11,792,916
Amerindo Investment Advisors Inc.....1,038,000 $10,704,894
American International Group, Inc....1,016,299 $10,481,092
Janus Capital Corporation..............948,922 $9,786,233
Dir ist doch hoffentlich Putnam ein Begriff???
Top Mutual Fund Holders of CPTH Shares Value
Munder Netnet Fund...............2,000,000 $20,626,000
Janus Twenty Fund................1,165,695 $12,021,813
Fidelity Aggressive Growth Fund....883,100 $9,107,410
United New Concepts Fund...........500,000 $5,156,500
PBHG Growth Fund, Inc..............427,000 $4,403,651
Amerindo Technology Fund...........252,500 $2,604,032
Strong Enterprise Fund.............240,400 $2,479,245
Managers Special Equity Fund.......237,500 $2,449,338
Guardian Park Avenue Fund Inc......215,600 $2,223,483
Jacob Internet Fund................150,000 $1,546,950
Grüße, fs
http://biz.yahoo.com/p/c/cpth.html
Top Institutional Holders of CPTH Shares Value
Benchmark Capital M.C., L.L.C........3,186,768 $32,865,138
Putnam Investment Mana., Inc......3,078,710 $31,750,736
Dresdner Rcm Global Investors LLC....2,545,475 $26,251,484
Munder Capital Management, Inc.......2,102,500 $21,683,082
FMR Corporation (Fidelity ...).......1,946,500 $20,074,254
TCW Group, Inc. (The)................1,329,148 $13,707,503
Wellington Management Company........1,143,500 $11,792,916
Amerindo Investment Advisors Inc.....1,038,000 $10,704,894
American International Group, Inc....1,016,299 $10,481,092
Janus Capital Corporation..............948,922 $9,786,233
Dir ist doch hoffentlich Putnam ein Begriff???
Top Mutual Fund Holders of CPTH Shares Value
Munder Netnet Fund...............2,000,000 $20,626,000
Janus Twenty Fund................1,165,695 $12,021,813
Fidelity Aggressive Growth Fund....883,100 $9,107,410
United New Concepts Fund...........500,000 $5,156,500
PBHG Growth Fund, Inc..............427,000 $4,403,651
Amerindo Technology Fund...........252,500 $2,604,032
Strong Enterprise Fund.............240,400 $2,479,245
Managers Special Equity Fund.......237,500 $2,449,338
Guardian Park Avenue Fund Inc......215,600 $2,223,483
Jacob Internet Fund................150,000 $1,546,950
Grüße, fs
ist mir ein begriff fsch. sind sonst auch noch feine adressen am werk. habe mir deinen link angesehen. morgen werde ich mich noch genauer damit befassen, sieht auf jedenfall nicht schlecht aus.
danke!
gruß siamsi
danke!
gruß siamsi
schaun wer mal
S&P revises Critical Path outlook =2
Ratings on Critical Path Inc. reflect a highly competitive
and evolving Internet messaging services market, as well as the
challenges associated with managing rapid growth and an
aggressive acquisition strategy.
These factors are partially offset by the company`s
moderate cash position.
San Francisco, Calif.-based Critical Path is a global
provider of business-to-business Internet-based messaging and
collaboration solutions for wireless, telecommunications and
corporate customers.
Applications include e-mail, calendaring, Internet fax,
secure document management, guaranteed document delivery,
archiving, and message boards.
Critical Path competes with a variety of small and emerging
companies, as well as expanded product offerings from
established competitors with significantly greater resources.
Critical Path`s modest size, rapid growth, and aggressive
acquisition strategy are partially offset by its focus on the
enterprise-level business market, relatively broad product
offering and favorable market growth prospects.
The company reported revenues of $52 million for the fourth
quarter ended Dec. 31, 2000, and a net loss (excluding special
charges) of $11.5 million.
The company had expected EBITDA (excluding special charges)
to be positive in the fourth quarter, with further progress in
2001.
The company cited higher-than-expected operating expenses
from the recently acquired PeerLogic business and citedthe
provision of a significant allowance for doubtful accounts, as
factors that negatively effected the December 2000 quarter
results.
Cash balances in excess of $200 million as of Dec. 31,
2000, should provide adequate near term liquidity.
OUTLOOK: NEGATIVE
A material revision to Critical Path`s reported revenues,
or ongoing operating losses, could lead to lower ratings,
Standard & Poor`s said.
Ratings on Critical Path Inc. reflect a highly competitive
and evolving Internet messaging services market, as well as the
challenges associated with managing rapid growth and an
aggressive acquisition strategy.
These factors are partially offset by the company`s
moderate cash position.
San Francisco, Calif.-based Critical Path is a global
provider of business-to-business Internet-based messaging and
collaboration solutions for wireless, telecommunications and
corporate customers.
Applications include e-mail, calendaring, Internet fax,
secure document management, guaranteed document delivery,
archiving, and message boards.
Critical Path competes with a variety of small and emerging
companies, as well as expanded product offerings from
established competitors with significantly greater resources.
Critical Path`s modest size, rapid growth, and aggressive
acquisition strategy are partially offset by its focus on the
enterprise-level business market, relatively broad product
offering and favorable market growth prospects.
The company reported revenues of $52 million for the fourth
quarter ended Dec. 31, 2000, and a net loss (excluding special
charges) of $11.5 million.
The company had expected EBITDA (excluding special charges)
to be positive in the fourth quarter, with further progress in
2001.
The company cited higher-than-expected operating expenses
from the recently acquired PeerLogic business and citedthe
provision of a significant allowance for doubtful accounts, as
factors that negatively effected the December 2000 quarter
results.
Cash balances in excess of $200 million as of Dec. 31,
2000, should provide adequate near term liquidity.
OUTLOOK: NEGATIVE
A material revision to Critical Path`s reported revenues,
or ongoing operating losses, could lead to lower ratings,
Standard & Poor`s said.
--------------------------------------------------------------------------------
Critical Path says it may have materially misstated earning
New York, Feb 02, 2001 (FWN Financial via COMTEX) -- Critical Path Inc. placed
two senior officials on leave after admitting that it may have misstated its
fourth-quarter results.
The San Francisco-based e-mail and direct-company said Friday it has launched an
investigation into how it recognizes revenues after discovering a number of
transactions that put its fourth-quarter results into question.
Critical Path reported fourth quarter revenue of $52 million with a net loss of
$11.5 million, or 16 cents a share, excluding special charges. These results
fell well short of analysts` expectations for a gain of 1 cent per share.
In a prepared statement, the board of directors said it was placing David
Thatcher, its president, and William Rinehart, the vice president of worldwide
sales, on administrative leave.
In December, Mark Rubash, Critical Path`s chief financial officer, left for the
company for personal reasons. Lawrence P. Reinhold was chosen to replace him.
The Nasdaq Stock Market halted trading in the stock shortly before regular
trading began for the day. But in pre-market trading before the halt took
effect, Critical Path shares plunged to about $4 from $10.06 on Thursday.
Critical Path formed a special committee to investigate the matter with the
independent auditors PricewaterhouseCoopers and outside legal counsel, Wilson,
Sonsini, Goodrich & Rosati.
The company didn`t say what was wrong with the transactions, and warned that the
investigation had just begun.
A number of investment banks downgraded their recommendations on the company`s
shares following the announcement. Goldman Sachs cut its rating on the stock to
"market perform" from "market outperform," Lehman Brothers downgraded the
company to "market perform" from "strong buy." SG Cowen cut its recommendation
to "neutral" from "buy" and J.P. Morgan Chase lowered its rating to "market
perform" from "long-term buy."
The credit-rating agency Standard & Poor`s said it may downgrade its rating on
Critical Path`s debt.
The company said in January that it was expecting first-quarter revenues of $54
million to $56 million, with an operating loss of 15 cents
Critical Path says it may have materially misstated earning
New York, Feb 02, 2001 (FWN Financial via COMTEX) -- Critical Path Inc. placed
two senior officials on leave after admitting that it may have misstated its
fourth-quarter results.
The San Francisco-based e-mail and direct-company said Friday it has launched an
investigation into how it recognizes revenues after discovering a number of
transactions that put its fourth-quarter results into question.
Critical Path reported fourth quarter revenue of $52 million with a net loss of
$11.5 million, or 16 cents a share, excluding special charges. These results
fell well short of analysts` expectations for a gain of 1 cent per share.
In a prepared statement, the board of directors said it was placing David
Thatcher, its president, and William Rinehart, the vice president of worldwide
sales, on administrative leave.
In December, Mark Rubash, Critical Path`s chief financial officer, left for the
company for personal reasons. Lawrence P. Reinhold was chosen to replace him.
The Nasdaq Stock Market halted trading in the stock shortly before regular
trading began for the day. But in pre-market trading before the halt took
effect, Critical Path shares plunged to about $4 from $10.06 on Thursday.
Critical Path formed a special committee to investigate the matter with the
independent auditors PricewaterhouseCoopers and outside legal counsel, Wilson,
Sonsini, Goodrich & Rosati.
The company didn`t say what was wrong with the transactions, and warned that the
investigation had just begun.
A number of investment banks downgraded their recommendations on the company`s
shares following the announcement. Goldman Sachs cut its rating on the stock to
"market perform" from "market outperform," Lehman Brothers downgraded the
company to "market perform" from "strong buy." SG Cowen cut its recommendation
to "neutral" from "buy" and J.P. Morgan Chase lowered its rating to "market
perform" from "long-term buy."
The credit-rating agency Standard & Poor`s said it may downgrade its rating on
Critical Path`s debt.
The company said in January that it was expecting first-quarter revenues of $54
million to $56 million, with an operating loss of 15 cents
Law Offices Of Charles J. Piven, P.A. Announces Class Action Lawsuit Against Critical Path, Inc.
BALTIMORE, Feb 2, 2000 (BUSINESS WIRE) -- Law Offices Of Charles J. Piven, P.A.
advised investors today that on February 2, 2001, it filed a class-action
lawsuit charging Critical Path, Inc. (NASDAQ: CPTH) with securities fraud in the
United States District Court for the Northern District of California. The suit
seeks damages for violations of federal securities laws on behalf of all
investors who bought Critical Path, Inc. common stock between April 20, 2000
through and including February 1, 2001 (the "Class Period").
On February 2, 2001, prior to the opening of trading, Critical Path issued a
press release announcing that it has commenced an investigation of certain
financial reporting matters and that it has "placed two executives on leave."
The Company went on to state that is had discovered "a number of transactions
that put into question the company`s financial results." After this
announcement, the price of Critical Path shares fell roughly 61% from $10.07 to
$3.94.
If you purchased Critical Path, Inc. common stock during the period April 20,
2000 through February 1, 2001, and want to discuss your legal rights, you may
call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost
to you, attempt to answer your questions. You may contact Law Offices Of Charles
J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite
2525, Baltimore, Maryland 21202, by email at pivenlaw@erols.com or by calling
410/332-0030. Law Offices Of Charles J. Piven, P.A. has been involved in
securities litigation for over ten years.
If you wish to apply to be lead plaintiff in this action, a motion must be filed
on your behalf with the court no later than April 3, 2001. To be a member of the
class you need not take any action at this time, and you may retain counsel of
your choice. To serve as lead plaintiff, however, you must meet certain legal
requirements. You may contact Law Offices Of Charles J. Piven, P.A. to discuss
your rights regarding the appointment of lead plaintiff and your interest in the
class action.
BALTIMORE, Feb 2, 2000 (BUSINESS WIRE) -- Law Offices Of Charles J. Piven, P.A.
advised investors today that on February 2, 2001, it filed a class-action
lawsuit charging Critical Path, Inc. (NASDAQ: CPTH) with securities fraud in the
United States District Court for the Northern District of California. The suit
seeks damages for violations of federal securities laws on behalf of all
investors who bought Critical Path, Inc. common stock between April 20, 2000
through and including February 1, 2001 (the "Class Period").
On February 2, 2001, prior to the opening of trading, Critical Path issued a
press release announcing that it has commenced an investigation of certain
financial reporting matters and that it has "placed two executives on leave."
The Company went on to state that is had discovered "a number of transactions
that put into question the company`s financial results." After this
announcement, the price of Critical Path shares fell roughly 61% from $10.07 to
$3.94.
If you purchased Critical Path, Inc. common stock during the period April 20,
2000 through February 1, 2001, and want to discuss your legal rights, you may
call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost
to you, attempt to answer your questions. You may contact Law Offices Of Charles
J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite
2525, Baltimore, Maryland 21202, by email at pivenlaw@erols.com or by calling
410/332-0030. Law Offices Of Charles J. Piven, P.A. has been involved in
securities litigation for over ten years.
If you wish to apply to be lead plaintiff in this action, a motion must be filed
on your behalf with the court no later than April 3, 2001. To be a member of the
class you need not take any action at this time, and you may retain counsel of
your choice. To serve as lead plaintiff, however, you must meet certain legal
requirements. You may contact Law Offices Of Charles J. Piven, P.A. to discuss
your rights regarding the appointment of lead plaintiff and your interest in the
class action.
Law Firm Faruqi & Faruqi, LLP Announces Update On Class Action Lawsuit Against Critical Path, Inc.
NEW YORK, Feb 2, 2001 (BUSINESS WIRE) -- The following announcement was issued
by the law firm of Faruqi & Faruqi, LLP:
Notice is hereby given that on February 2, 2001, a class action lawsuit was
commenced in the United States District Court for the Northern District of
California on behalf of all purchasers of Critical Path, Inc. (NASDAQ: CPTH)
("Critical Path" or the "Company") common stock between June 15, 1999, and
February 2, 2001, inclusive (the "Class Period").
The Complaint charges Critical Path and certain of its executive officers, and
the Company`s auditor, PriceWaterhouseCoopers ("PWC"), for violations of the
federal securities laws, including Sections 10(b) of the Securities Exchange Act
of 1934 and Rule 10b-5. Among other things, plaintiff claims that the defendants
issued a series of materially false and misleading statements in press releases
and SEC filings concerning the Company`s business and prospects for 2000 and
beyond. As a result, the price of Critical Path`s common stock was artificially
inflated throughout the Class Period, allowing Critical Path`s top insiders to
sell over $21 million worth of their own Critical Path shares at prices as high
as $78.00 per share.
On January 18, 2001, the Company shocked the market when it disclosed it would
in fact report a loss for the Fourth Quarter 2000, as opposed to positive
earnings which it had been touting for months. Although these losses were
allegedly attributed to higher acquisition costs, accounting changes, and the
dot-com bust, the partial truth was revealed when on February 2, 2001, the
Company announced that it may have "materially misstated" its Fourth Quarter
2000 results. Besides discovering a number of transactions that put into
question the Company`s financial results, the Company`s Board of Directors has
formed a special committee of the Board to conduct an investigation into the
Company`s revenue recognition practices and has further placed two executives,
President David Thacher and Vice President of Worldwide Sales, William Rinehart,
on administrative leave. As a result, the NASDAQ Stock Market halted trading of
the Company`s shares. Prior to the halt, shares of the Company fell over 60% in
pre-market trading to $3.88 per share.
If you purchased Critical Path common stock during the Class Period, you may,
not later than 60 days from February 2, 2001, move the court to serve as lead
plaintiff of the class, if you so choose. In order to serve as lead plaintiff,
however, you must meet certain legal requirements. If you wish to discuss this
action, or have any questions concerning this notice or your rights or
interests, please contact:
ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
Fax: (212) 983-9331
e-mail (FaruqiLawAV@aol.com)
CONTACT: Faruqi & Faruqi, LLP, New York
Anthony Vozzolo, Esq.
877/247-4292 or 212/983-9330
TICKERS: NASDAQ:CPTH
URL: http://www.businesswire.com
Today`s News On The Net - Business Wire`s full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
KEYWORD: NEW YORK
INDUSTRY KEYWORD: CLASS
ACTION
LAWSUITS
NEW YORK, Feb 2, 2001 (BUSINESS WIRE) -- The following announcement was issued
by the law firm of Faruqi & Faruqi, LLP:
Notice is hereby given that on February 2, 2001, a class action lawsuit was
commenced in the United States District Court for the Northern District of
California on behalf of all purchasers of Critical Path, Inc. (NASDAQ: CPTH)
("Critical Path" or the "Company") common stock between June 15, 1999, and
February 2, 2001, inclusive (the "Class Period").
The Complaint charges Critical Path and certain of its executive officers, and
the Company`s auditor, PriceWaterhouseCoopers ("PWC"), for violations of the
federal securities laws, including Sections 10(b) of the Securities Exchange Act
of 1934 and Rule 10b-5. Among other things, plaintiff claims that the defendants
issued a series of materially false and misleading statements in press releases
and SEC filings concerning the Company`s business and prospects for 2000 and
beyond. As a result, the price of Critical Path`s common stock was artificially
inflated throughout the Class Period, allowing Critical Path`s top insiders to
sell over $21 million worth of their own Critical Path shares at prices as high
as $78.00 per share.
On January 18, 2001, the Company shocked the market when it disclosed it would
in fact report a loss for the Fourth Quarter 2000, as opposed to positive
earnings which it had been touting for months. Although these losses were
allegedly attributed to higher acquisition costs, accounting changes, and the
dot-com bust, the partial truth was revealed when on February 2, 2001, the
Company announced that it may have "materially misstated" its Fourth Quarter
2000 results. Besides discovering a number of transactions that put into
question the Company`s financial results, the Company`s Board of Directors has
formed a special committee of the Board to conduct an investigation into the
Company`s revenue recognition practices and has further placed two executives,
President David Thacher and Vice President of Worldwide Sales, William Rinehart,
on administrative leave. As a result, the NASDAQ Stock Market halted trading of
the Company`s shares. Prior to the halt, shares of the Company fell over 60% in
pre-market trading to $3.88 per share.
If you purchased Critical Path common stock during the Class Period, you may,
not later than 60 days from February 2, 2001, move the court to serve as lead
plaintiff of the class, if you so choose. In order to serve as lead plaintiff,
however, you must meet certain legal requirements. If you wish to discuss this
action, or have any questions concerning this notice or your rights or
interests, please contact:
ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
Fax: (212) 983-9331
e-mail (FaruqiLawAV@aol.com)
CONTACT: Faruqi & Faruqi, LLP, New York
Anthony Vozzolo, Esq.
877/247-4292 or 212/983-9330
TICKERS: NASDAQ:CPTH
URL: http://www.businesswire.com
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Copyright (C) 2001 Business Wire. All rights reserved.
KEYWORD: NEW YORK
INDUSTRY KEYWORD: CLASS
ACTION
LAWSUITS
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