Barrack Rodos Files Suit Against Ravisent Technologies.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--March 22, 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: A class action has been filed in the United States District Court for the Eastern District of Pennsylvania The United States District Court for the Eastern District of Pennsylvania is one of the original 13 federal judiciary districts created by the Judiciary Act of 1789. It originally sat in Independence Hall in Philadelphia as the United States District Court for the District of on behalf of all persons who purchased the common stock of Ravisent Technologies (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : RVST RVST Raad Van State (Belgian supreme administrative court) RVST Relative Value Scale in Teaching ) ("Ravisent" or the "Company") between July 15, 1999 and March 14, 2000, inclusive (the "Class Period"). The complaint alleges that Ravisent and certain of its officers and directors violated the Securities Exchange Act of 1934 by engaging in a scheme to artificially inflate the revenues and profits of Ravisent by improperly recording revenues on contracts 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 . This was done so that the Company's Initial Public Offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ") would occur at the maximum price per share, and to then create the expectation in the market that Ravisent was an increasingly profitable company. The plaintiff seeks to recover damages on behalf of all purchasers of Ravisent common stock 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 20 years. The firm has offices in Philadelphia, San Diego, 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 securities class actions, including those against Cendant Corp. (the largest securities class action in United States history), McKesson HBOC HBOC HBO & Co of Georgia HBOC Hereditary Breast and Ovarian Cancer HBOC Hemoglobin-Based Oxygen Carrier HBOC Hawke's Bay Orienteering Club (New Zealand) HBOC Hunter Bird Observers Club HBOC Horse Breeders and Owners Conference , Inc., Informix Corporation, Sunbeam Corporation and hundreds of others. For more information about Barrack, Rodos & Bacine, please visit their website at www.barrack.com. If you are a member of the Class described above, you may, no later than April 26, 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 msgoldman@barrack.com. |
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