BMC Software, Inc. Misled Investors According to Class Action Suit Filed By Spector & Roseman, P.C.PHILADELPHIA--(BUSINESS WIRE)--April 1, 1999--Spector & Roseman, P.C. announces that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax has been commenced on behalf of purchasers of the common stock of BMC Software, Inc. ("BMC (BMC Software, Inc., Houston, TX, www.bmc.com) A leading supplier of software that supports and improves the availability, performance, and recovery of applications in complex computing environments. ")(Nasdaq:BMCS BMCS Bristol Muslim Cultural Society (UK) BMCS Senior Chief Boatswain's Mate (Naval Rating) BMCS Blue Mountains Conservation Society (Wentworth Falls, NSW, Australia) ), between April 16, 1998 and Feb. 25, 1999 (the "Class Period"). The complaint charges BMC and certain of its officers and directors with violating the federal securities laws by materially misstating BMC's financial results. It alleges that BMC acquired BGS BGS British Geological Survey BGS Below Ground Surface (depth below the ground surface) BGS Bundesgrenzschutz (German: Federal Border Guard) BGS Bachelor of General Studies (degree) Software in February 1998, and accounted for the transaction as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free method of accounting requires that the financial results of the "pooled" companies be combined for financial statement reporting purposes. During the Class Period, defendants chose not to include BGS's results in BMC's financial statements as they were required to do, thus overstating BMC's reported financial results. At the end of the Class Period, defendants admitted that BGS's results should have been included in BMC's financial reports, and as a result, they were restating BMC's prior reported financial results. The complaint alleges that defendants knew, or were reckless in not knowing that BMC's reported financial results were overstated. Moreover, BMC's materially inflated earnings, revenue and growth rate during the Class Period caused BMC's stock price to be artificially inflated. Prior to the announcement of the restatement, certain defendants sold more than 216,000 shares of their own BMC stock, netting proceeds in excess of $10 million. Spector & Roseman, P.C., located in Philadelphia, Pennsylvania and San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , concentrates its practice in complex litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies. The Firm is currently representing investors as lead counsel in actions against S3, Inc., Altris Software, Dreyfus Aggressive Growth Fund, Mitcham Corp., Vivus, Inc., and Zapata Corp. The firm is currently representing businesses as lead counsel in the following antitrust actions: In re Flat Glass Antitrust Litigation; In re Corrugated Paper Antitrust Litigation. If you are a member of the Class described above, you may, no later than sixty days from March 9, 1999, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman or Joshua H. Grabar toll free at 888/844-5862 or via E-mail at classaction@spectorandroseman.com. For more detailed information about the firm please visit our website at http://www.spectorandroseman.com. |
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