NEW YORK, Feb. 7, 2005 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities 51job, Inc. ("51job" or the "Company") (Nasdaq:JOBS) between November 4, 2004 and January 14, 2005, inclusive, (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you purchased 51job securities during the Class Period, you may, no later than March 22, 2005, 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 throughout the Class Period, defendants made highly positive statements concerning its business and reported to the market that its business would continue to accelerate, issuing highly positive earnings and revenue projections. Such statements were allegedly false and misleading when made for the following reasons: (a) the Company improperly recognized advertising revenue, such that its real revenues in the third fiscal quarter were materially less than the RMB135.0 million (US$16.3 million) in total revenues and RMB128.1 million (US$15.5 million) that the Company reported in its press release; (b) defendants failed to disclose that the Company's business was experiencing a material downturn in advertising revenue; (c) the Company failed to adjust its aggressively positive earnings announcements even in light of the sharp downturn in business, which was well known to defendants; (d) as a result of the foregoing, 51job's Class Period statements about the Company's historical results and expected growth were lacking in any basis and deceived investors.
The truth began to be revealed on January 18, 2005. On that date, before the market opened, 51job issued a press release announcing that sales declined in December 2004 and lowered its guidance for the fourth quarter of 2004. In addition, defendants announced that 51job would revise its third quarter online recruitment advertising revenue, reducing it by RMB2 million to RMB3 million.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of 51job 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 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
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.