HOUSTON, Sept. 15, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action lawsuit has been filed on behalf of purchasers of the securities of Check Point Software Technologies Ltd. (Nasdaq:CHKP) ("Check Point" or the "Company") during the period between July 10, 2001 and April 4, 2002 inclusive (the "Class Period"). A copy of the complaint can be obtained from the Court or by making a toll-free call to the Firm at 1-800-663-9817. The action is pending in the United States District Court for the Southern District of New York against defendants Gil Shwed, Jerry Ungerman, Eyal Desheh, Irwin Federman, Alex Vieux, and Check Point Software Technologies.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 10, 2001 and April 4, 2002. Specifically, the complaint alleges that the Company made materially false and misleading statements with respect to its earnings and revenue forecasts, and the success of its sales initiatives. In truth and in fact, the Company's sales and marketing efforts were not succeeding; the Company was experiencing declining demand for its products and services and was not performing according to its internal plans; the Company was improperly recognizing deferred revenues in order to manage the Company's revenues, thereby overstating its financial results; and defendants forecasts and projections lacked a reasonable basis, at all relevant times. The truth was revealed on April 4, 2002. On that date, Check Point shocked the market when it announced that it expected a revenue shortfall of at least $15 million for the quarter ending March 31, 2002. On this news, shares of Check Point fell over 24% on extremely heavy trading volume.
If you bought Check Point publicly traded securities between July 10, 2001 through April 4,2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court through Emerson Poynter or other counsel of your choice, not later than October 28, 2003. If you are a member of this class, you can join this class action by contacting Emerson Poynter via e-mail or calling toll-free.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors and consumers throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the firm.