NEW YORK, May 17, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Northern District of California on behalf of all purchasers of BroadVision, Inc. ("BroadVision" or the "Company") (Nasdaq:BVSN) common stock between Jan. 26, 2001, and April 2, 2001, inclusive (the "Class Period").
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Besides issuing a series of false and misleading press releases concerning BroadVision's financial condition, the complaint alleges defendants misrepresented BroadVision's ability to achieve strong revenue and earnings growth going forward, despite industry-wide reductions in demand. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period. However, on April 2, 2001, the true state of the Company's finances was revealed when the Company disclosed that rather than recording a $0.02 per share profit as expected for the first quarter 2001, BroadVision would in fact suffer a sizeable loss in the range of $0.14 to $0.16 per share. Moreover, the Company announced that it would take a one-time charge in the second quarter, and that its previously reported fourth quarter 2000 results would require a downward revision. In response, the stock price of BroadVision, which traded in excess of $14 per share during the Class Period, closed below $3 per share on April 3, 2001.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired BroadVision securities between Jan. 26, 2001, and April 2, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you purchased BroadVision securities during the Class Period, you may, not later than June 18, 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 e-mail (FaruqiLawAV@aol.com)
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.