NEW YORK, May 7, 2001 (PRIMEZONE) -- The Rosen Law Firm (www.rosenlegal.com) announces that there is a deadline to file an application to serve as lead plaintiff in the class action litigation on behalf of all persons who purchased the common stock of Opus360 Corporation (Nasdaq:OPUS) 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 deadline to file an application as lead plaintiff is 60 days from April 17, 2001. If you have suffered significant losses in OPUS stock and wish to join this litigation as lead plaintiff, or have questions regarding the class action, you may contact Laurence Rosen, Esq. toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or visit www.rosenlegal.com on the Internet.
After over four months of investigative research and evidence gathering, The Rosen Law Firm uncovered strong evidence that OPUS360 Corporation had misled investors and made material misrepresentations in its initial public offering prospectus. The Rosen Law Firm initiated the class action complaint on behalf of shareholders on April 6, 2001 in the Southern District of New York.
The complaint charges OPUS, its officers and directors, as well as OPUS' investment bankers and certain shareholders that sold stock in the IPO 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 alleges that OPUS misled investors as to the acceptance of XCHANGE by customers and the true usability of the product. The complaint further 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 persons who purchased OPUS publicly traded common stock during the period from the initial public offering on April 7, 2000 through 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.
To join the OPUS litigation as lead plaintiff or for further information, please call Laurence Rosen, Esq. toll free at 866-767-3653 or email lrosen@rosenlegal.com or visit the website at http://www.rosenlegal.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca