NEW YORK, April 24, 2001 (PRIMEZONE) -- The Rosen Law Firm P.A. (http://www.rosenlegal.com) today announced that the firm has commenced a class action in the United States District Court for the Southern District of New York on behalf of purchasers of OPUS360 Corporation ("OPUS") (Nasdaq:OPUS) publicly traded common stock during the period from the initial public offering on April 7, 2000, and continuing through December 6, 2000 (the "Class Period"), including those persons who purchased shares in the OPUS initial public offering on April 7, 2000. The case has been assigned to Judge Miriam Cedarbaum.
If you wish to join as lead plaintiff in this litigation, you must file an application no later than 60 days from April 17, 2001 with the court. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Laurence Rosen, Esq. of The Rosen Law Firm P.A. toll free at 866-rosenlegal (866-767-3653) or via e-mail at lrosen@rosenlegal.com. You can also join this class action online at http://www.rosenlegal.com.
The complaint charges OPUS and certain of its officers and directors, as well as OPUS' investment bankers and certain shareholders that sold stock in the initial public offering, with violations of the Securities Act of 1933. The Complaint alleges that the Prospectus and Registration Statement filed with the Securities and Exchange Commission and distributed to OPUS investors was false and misleading and failed to disclose, among other things, that OPUS XCHANGE, one of its flagship products, did not work as claimed and contained fatal flaws. The Complaint further alleges that OPUS misled investors as to the acceptance of XCHANGE by customers and the true usability of the product. The complaint also alleges that the Company misled investors as to the true nature of the contracts that it had entered into with customers for its OPUS XCHANGE and FREEAGENT products.
The Complaint also alleges that the Registration Statement distributed in connection with OPUS' IPO failed to disclose that it would be necessary for OPUS to complete a secondary financing within 12 months of the IPO in order to finance its rapid expansion plans.
Plaintiff seeks to recover damages on behalf of all purchasers of OPUS publicly traded common stock during the Class Period (the "Class") beginning from the initial public offering on April 7, 2000, and continuing until December 6, 2000. The plaintiff is represented by The Rosen Law Firm P.A., http://www.rosenlegal.com, who has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud.
The Rosen Law Firm P.A. is a law firm with offices in New York City and New Jersey that concentrates its practice in the representation of shareholders in securities class actions. To join the OPUS litigation as plaintiff or for further information, please visit the Website at www.rosenlegal.com or email lrosen@rosenlegal.com or call 866- Rosenlegal (866-767-3653) for more information.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.