DALLAS, June 24, 2005 (PRIMEZONE) -- The law firm of Baron & Budd, P.C. hereby provides notice that a class action lawsuit has been filed on behalf of purchasers of Navarre Corporation (Nasdaq:NAVR)("Navarre" or the "Company") securities during the period between July 23, 2002 and May 31, 2005, inclusive (the "Class Period").
Navarre Corporation has allegedly violated federal securities laws by issuing false or misleading information and that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them. Specifically, the Complaint alleges that the Company's reported income was materially inflated due to the failure to properly account for expenses relating to executive deferred compensation, that the Company's apparent success was due to accounting shenanigans, and that the Company's financial results, as reported in press releases and SEC filings, were not prepared according to Generally Accepted Accounting Principles ("GAAP").
May 31, 2005, Navarre issued a press release stating that the results of its fourth quarter and fiscal year 2005 would be delayed pending an accounting review focused on the recognition of deferred compensation expenses and the classification of fiscal 2005 tax items.
This news shocked the market and the Company's stock fell $0.98 per share from its May 31, 2005 closing price of $9.00 to its close on June 1, 2005 at $8.02.
If you acquired the securities of Navarre Corporation during the Class Period and meet certain legal requirements, you may, no later than August 12, 2005, move for appointment as lead plaintiff on behalf of the proposed class.
If you are a member of this class and would like to take action in this suit, please visit Baron & Budd online( http://www.securitiesactions.com ). Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 70 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions. For more information on the firm, call 1-800-222-2766 or visit www.baronandbudd.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca