NEW YORK, June 29, 2004 (PRIMEZONE) -- The deadline for purchasers of SPSS, Inc. ("SPSS" or the "Company") (Nasdaq:SPSSE) publicly traded securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased SPSS publicly traded securities during the period between May 2, 2001 and March 30, 2004, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Northern District of Illinois by July 13, 2004. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.geller-rudman.com/view_case.asp?cID=288.
The complaint, filed by a client of Geller Rudman, PLLC, charges that SPSS, Jack Noonan, and Edward Hamburg, 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 May 2, 2001 and March 30, 2004, about the Company's revenues, thereby artificially inflating the price of SPSS common stock. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company overstated its revenue by between $3 million and $6 million; (2) that the Company accomplished this through improper recognition of revenue in violation of Generally Accepted Accounting Principles ("GAAP") and the Company's own accounting interpretations on revenue recognition; (3) the Company's earnings per share were materially inflated; and (4) that as a result of the above, the Company's financial results were inflated at all relevant times.
On March 30, 2004, SPSS announced that it would delay the filing of its annual report on Form 10-K with the United States Securities and Exchange Commission to complete an additional review initiated by the Company. News of this shocked the market. Shares of SPSS fell $2.55 per share or 12.17 percent on March 31, 2004 to close at $18.40 per share.
If you bought SPSS publicly traded securities between May 2, 2001 and March 30, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2004. If you are a member of this class, you can join this class action online at http://www.geller-rudman.com. Any member of the purported class may move the Court to serve as lead plaintiff through Geller Rudman or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Geller Rudman, PLLC is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premier firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Geller Rudman, PLLC has grown to become one of the most respected and successful firms representing investors and consumers in class action litigation. The firm came of age under the client focused realities of the Private Securities Litigation Reform Act of 1995, which provided new opportunities for institutional investors to assume leadership in combating securities fraud.
The firm's lawyers have achieved substantial recoveries for aggrieved investors and consumers in class action lawsuits prosecuted in state and federal courts throughout the nation. Geller Rudman, PLLC maintains a widely recognized reputation for excellence, as courts have repeatedly appointed the firm to major positions in intricate multi-district or consolidated litigations. In this regard, Geller Rudman, PLLC has successfully pursued hundreds of class action lawsuits, has taken a lead role in numerous complex litigations on behalf of defrauded investors and consumers and has been responsible for billions in recoveries as well as landmark corporate governance changes. The firm maintains offices in Boca Raton and New York.
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 or e-mail the Firm or visit the Firm's website at www.geller-rudman.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca