NEW YORK, May 15, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Eastern District of Virginia, on behalf of purchasers of PEC Solutions, Inc. ("PECS" or the "Company")(Nasdaq:PECS) securities, between October 22, 2002 and March 14, 2003, inclusive (the "Class Period").
If you purchased PECS securities during the Class Period, you may, no later than May 19, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendant violated the Securities Exchange Act of 1934 by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of PECS securities. Specifically, that the Company overstated the strength of its projects and prospects by failing to disclose that: 1) demand for the Company's products and services was on the decline due to governmental agencies delaying projects until Congress approved a budget for 2003; and 2) revenue would be lower than anticipated because of problems with its biometric identification contracts. After the Company announced that it would have to restate its prior guidance, the price fell from $15.80 per share, to $9.81 per share, a greater than 37% decline.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of PECS securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
Peter D. Bull, Esq., Joshua M. Lifshitz, Esq., 18 East 41st Street New York, NY 10017 (212) 213-6222
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca