CHICAGO, May 4, 2004 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the Southern District of California on behalf of purchasers of the securities of Titan Corporation (NYSE:TTN) ("Titan" or the "Company") between July 24, 2003 and March 22, 2004, inclusive ("Class Period").
The Complaint alleges that Titan, along with Gene Ray (Chairman and CEO), Mark Sopp (CFO), and Deanna Lund (Corporate Controller and Chief Accounting Officer) violated the federal securities laws by issuing a series of materially false and misleading statements to the market. These misstatements had the effect of artificially inflating the market price of Titan's securities.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Conor R. Crowley at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Titan.
More specifically, the Complaint alleges that defendants failed to disclose and indicate the following in defendants' effort to ensure its merger with Lockheed Martin Corporation ("Lockheed Martin") was approved by shareholders and various regulators: (1) that foreign consultants for Titan were engaging in questionable and potentially illegal activities; (2) that foreign consultants for Titan made improper payments to foreign government officials in violation of the Foreign Corrupt Practices Act; (3) that Titan improperly accounted for the funds used in these payments; and (4) as a result, Titan's improper accounting for such payments allowed Titan to enter into a definitive merger agreement with Lockheed Martin.
On February 13, 2004, Titan announced that representatives of Lockheed Martin and Titan recently initiated meetings with the Department of Justice and the Securities and Exchange Commission to advise them of an internal review relating to certain agreements between Titan and international consultants and related payments in foreign countries.
On Friday, March 5, 2004, Lockheed Martin announced that it had learned of allegations that improper payments were made, or items of value were provided, by consultants for Titan or its subsidiaries to foreign officials. Also on March 5, 2004, Titan confirmed that it had learned of allegations that improper payments were made, or items of value were provided, by consultants for the company or its subsidiaries to foreign officials. The allegations were identified as part of an ongoing review conducted with Lockheed Martin of payments to Titan's international consultants in connection with the proposed acquisition of Titan by Lockheed Martin. As a result of these revelations, shares of Titan fell $1.82 per share, or almost 9%, to close at $19.11 per share.
On March 22, 2004, The Wall Street Journal reported that internal investigators of both Titan and Lockheed Martin had found that Titan had made potentially improper payments overseas. According to the article, Titan made millions of dollars in suspicious payments, some as recently as last year, while competing for business in Africa, the Middle East, and Asia. Moreover, the article reported that the Company was scheduled to hold talks with the Department of Justice about a possible plea agreement.
If you purchased Titan's securities during the Class Period and if you meet certain other legal requirements, you may move the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than June 4, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.