MINNEAPOLIS, Dec. 17, 2008 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the District of Maryland on behalf of purchasers of Integral Systems, Inc. ("Integral Systems" or the "Company") (Nasdaq:ISYS) publicly traded securities during the period April 28, 2008 through December 10, 2008 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before February 13, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. On December 11, 2008, Integral Systems shocked investors when it revealed that the unaudited financial statements of the Company for the interim periods ended December 31, 2007, March 30, 2008 and June 30, 2008 should no longer be relied upon due to an error in the accounting treatment for certain transactions with respect to the timing of the recognition of revenue between periods. The Company further disclosed that, as a result, the Company would restate its previously filed financial statements for those interim quarterly periods in fiscal year 2008. The Company estimated that the net impact of the adjustments for the first three quarters of 2008 would result in a decrease of approximately $10 million in revenues, a decrease of approximately $3 million in gross profit, a decrease of approximately $4 million in operating income, and a decrease of approximately $0.13 in earnings per share.
On this news, shares of Integral Systems declined $6.38 per share, or 28.61%, to close on December 11, 2008 at $15.92 per share.
If you purchased Integral Systems, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685