NEW YORK, Aug. 26, 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 of Ramp Corporation ("Ramp" or the "Company"), (Other OTC:RCOCQ) between August 19, 2003, and May 20, 2005, inclusive (the "Class Period").
If you purchased Ramp securities during the Class Period, you may, no later than September 19, 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 during the Class Period, Ramp and certain of the Company's executive officers issued materially false and misleading financial statements to the investing public regarding its financial performance and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that on May 21, 2005, Seidman resigned as the Company's auditor and advised Ramp that the Company's 2003 and 2004 audit reports were unreliable. The complaint further alleges that as a result of such information, Ramp stated that it would not file its quarterly report on Form 10-Q for the quarter ended March 31, 2005 on time. The Complaint also alleges that, on May 22, 2005, defendant Brown resigned due to violations of Company policies and/or the law when he received an unspecified amount of cash as a gift in December 2003.
Upon disclosure of the above news, the Company's stock halted trading for approximately two weeks. Since resumption of trading, the stock trades below $0.10 per share, down from the closing price of $1.25 on May 20, 2005.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Ramp 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.