Cauley & Geller, LLP Announces Class Action Lawsuit Against Quintus Corporation.Business Editors/Legal Writers BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Nov. 22, 2000 Seeking Damages On Behalf of Shareholders The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol announced today that it has filed a class action in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa on behalf of all individuals and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. that purchased the common stock of Quintus Corporation ("Quintus" or the "Company") (Nasdaq:QNTS) pursuant to the Company's initial public offering on November 15, 1999 through and including November 15, 2000 (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading financial statements and press releases concerning the Company's publicly reported revenues and net income, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. These materially false and misleading statements also allowed the Company to engage in a number of acquisitions in which it acquired target companies for Quintus stock. Such acquisitions would have been impossible without the Company's artificial inflation of its stock price. On November 15, 2000, Quintus shocked the investment community when it announced that it would delay filing its Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2000 pending completion of an "investigation of revenue and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying for that period." The Company further stated that "(a)mong the issues under review is Quintus' statement, on October 17, 2000, that it had collected a receivable from an outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. company. Subsequent to that announcement, it has become unclear whether funds received by Quintus, apparently in satisfaction of that receivable, were in fact paid by or on behalf of the outsourcing company." The Company also announced that it had placed Chief Executive Officer and Chairman of the Board of Directors Alan Anderson Alan Jeffery Anderson (born on October 16 1982, in Minneapolis, Minnesota) is an American professional basketball player. Anderson re-signed with the Bobcats[1] for whom he played during the previous season. He was waived by the team in November 2006. on administrative leave and had hired PricewaterhouseCoopers LLP to investigate these financial reporting matters. When the truth about the Company was revealed, the price of Quintus stock fell by 50% before NASDAQ halted trading. On November 22, 2000, the Company announced that it had fired its chairman and chief executive and will remove $13.5 million in revenue from its books for the last year following an investigation into improperly recorded finances. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits 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 such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by January 15, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com. |
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