Barrack Rodos Files Suit Against Mercator Software, Inc. Alleging Misrepresentations.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--Sept. 8, 2000 Counsel for Class Plaintiff, Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Rodos & Bacine, today issued the following: Barrack, Rodos & Bacine 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 was filed on behalf of purchasers of the securities of Mercator Software, Inc. ("Mercator" or the "Company") (Nasdaq: MCTR MCTR Missile Technology Control Regime mCTR Murine Calcitonin Receptor MCTR Medical Center for Translational Research (Osaka University Hospital, Japan) MCTR Mackinac Transportation Company ) between April 20, 2000 and August 21, 2000, inclusive. A copy of the complaint filed in this action can be viewed on our website at: http://www.barrack.com. To sign up online: http://www.barrack.com/NewCases/NewCases.htm. The action is pending in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , District of Connecticut, against defendants Mercator Software, Inc., Constance F. Galley galley, long, narrow vessel widely used in ancient and medieval times, propelled principally by oars but also fitted with sails. The earliest type was sometimes 150 ft (46 m) long with 50 oars. (Chairman and Chief Executive Officer of the Company), Kevin McKay (former Chief Financial Officer) and Ira Gerard (former Vice President - Finance and former Chief Financial Officer). The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder, by issuing a series of material misrepresentations to the market between April 20, 2000 and August 21, 2000, thereby artificially inflating the price of Mercator common stock. Specifically, the statements issued by the defendants, among other things, under-reported the Company's expenses, thereby falsely inflating its earnings in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . When the Company announced on August 21, 2000, after the close of the market, that it would be restating and lowering its earnings for the first and second quarters of 2000 to account for approximately $2.4 million of under-reported expenses, its stock fell approximately 20% when trading resumed the next day. The Plaintiff seeks to recover damages on behalf of all purchasers of Mercator securities during the Class Period. He is represented by the law firm of Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for over 25 years. The firm has offices in Philadelphia, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. For more information about Barrack, Rodos & Bacine, please visit their website at http://www.barrack.com. If you are a member of the Class described above, you may, no later than October 23, 2000, 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 case or your rights or interests, please contact Maxine S. Goldman, Shareholder Relations Manager, at Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, at 800-417-7305 or 215-963-0600, fax number 888-417-7306 or 215-963-0838 or by e-mail at mgoldman@barrack.com. |
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