SAN FRANCISCO, Nov. 1, 2002 (PRIMEZONE) -- An investor filed a class action against QuadraMed Corp. (Nasdaq:QMDCE) and two of its top officers, accusing the healthcare information and technology company of defrauding its shareholders, Berman DeValerio Pease Tabacco Burt & Pucillo said.
The complaint was filed October 31, 2002 in the U.S. District Court for the Northern District of California. It seeks damages for violations of federal securities laws on behalf of all investors who bought QuadraMed securities from May 3, 1999 through October 15, 2002 (the Class Period).
Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, please visit the firm's website at www.bermanesq.com.
The lawsuit claims that the defendants artificially inflated the company's stock price by publicly issuing false and misleading financial information about QuadraMed's revenues and earnings during the Class Period.
According to the complaint, the truth about QuadraMed began to emerge on August 12, 2002, when the company said it would restate its financial results for the fiscal years 2000 and 2001 and for the period ending March 31, 2002. The news grew worse for shareholders on October 16, 2002, when QuadraMed revealed that it would also restate results for fiscal year1999. In the announcement, the company explained that the restatement relates to issues involving revenue recognition and deferral on certain software licenses, reductions in revenue recorded in 2000 and 2001 that should have been recorded in 1999, and certain nonrecurring charges and impairment of assets recorded in 2000 that should have been recorded in 1999.
The price of QuadraMed stock is now 80% lower than its trading range during the Class Period.
If you purchased QuadraMed stock during the period May 3, 1999 through October 15, 2002, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.
Joseph J. Tabacco, Jr., Esq. Christopher T. Heffelfinger, Esq. 425 California Street, Suite 2025 San Francisco, CA 94104 (415) 433-3200 Jeffrey C. Block, Esq. Patrick T. Egan, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
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 December 3, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 34 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca