DENVER, Oct. 24, 2008 (GLOBE NEWSWIRE) -- The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that it has initiated an investigation concerning losses suffered by investors who purchased the common stock of Cadence Design Systems, Inc. (Nasdaq:CDNS) between April 23, 2008 and October 22, 2008.
On October 15, 2008, Cadence unexpectedly announced that its CEO and President had resigned, along with four other senior executives. In response, the price of Cadence common stock dropped approximately 15%. Then, on October 22, 2008, the company again stunned investors by announcing that it had likely improperly recognized some $24 million in revenue in the first quarter of 2008, and that it now expected to restate its financial statements for the first quarter and first half of 2008 to correct its errors. The price of Cadence common stock plummeted another 25% in response to this announcement.
If you have information relevant to the investigation, or if you believe you were harmed by potentially false or misleading statements of the company, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362 or via email at jeff@dyerberens.com.
The law firm of Dyer & Berens LLP focuses on complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.