Berman DeValerio & Pease Files Class Action Against Clarus Corporation.Business Editors & Legal Writers ATLANTA--(BUSINESS WIRE)--Nov. 3, 2000 Company and Top Officers Accused of Securities Fraud In Federal Court Clarus Corporation (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 :CLRS CLRS Center for Labor Research and Studies CLRS Central Launch and Recovery Section CLRS Claims Legal Research System ) stands accused of defrauding shareholders in a class-action lawsuit being pursued in federal court, Berman DeValerio & Pease pease n. pl. pease or peas·en Archaic A pea. [Middle English; see pea. LLP LLP - Lower Layer Protocol (www.bermanesq.com) said. The lawsuit seeks damages on behalf of all investors who bought Clarus common stock between October 20, 1999 and October 25, 2000 (the "Class Period"). Berman DeValerio & Pease, which has spent nearly two decades prosecuting shareholder class actions, filed the lawsuit November 1 in the United States District Court for the Northern District of Georgia The U.S. District Court for the Northern District of Georgia serves the residents of forty-six counties. These are divided up into four districts. The Atlanta district includes: Cherokee, Clayton, Cobb, Internet Coffe Phone, Douglas, Fulton, Gwinnett, Henry, Newton, and . The complaint charges Atlanta-based Clarus with making false and misleading statements about the company's business and financial condition and following illegal accounting practices that inflated its share price during the Class Period. Specifically, the complaint says Clarus improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. included in its public statements about its financial results a receivable that was past due and for which collection was not probable. In addition, the lawsuit says Clarus failed to disclose that 20% of its receivables were owed by a single customer and did not advise investors of the risks the company faced if that customer did not pay its obligation. On October 25, 2000, the company stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. the markets by disclosing a much greater loss for the third quarter of 2000 than it had previously led analysts to believe. The deeper-than-expected loss was due, in significant part, to the write-off of a $2 million receivable (or $.13 per share) from one of its customers. In response, Clarus stock price dropped 45%. If you purchased Clarus common stock between October 20, 1999 and October 25, 2000, you may wish to contact Berman DeValerio & Pease to discuss your rights and interests: Chauncey D. Steele IV Michael Lange Michael Lange is an American television director. Lange's best known directorial work has been on the television series The O.C., Beverly Hills, 90210, The Larry Sanders Show, Northern Exposure, Eureka, The Pretender, Berman DeValerio & Pease One Liberty Square, Boston, MA 02109 bdplaw@bermanesq.com (800) 516-9926 You may also visit us at our website at www.bermanesq.com. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than January 2, 2001. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for investors. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in each case. |
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