Cauley & Geller, LLP Announces Class Action Lawsuit Against SCB Computer Technology, Inc. Seeking Damages On Behalf of Shareholders.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)--April 28, 2000 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 Western District of Tennessee The United States District Court for the Western District of Tennessee is the Federal district court whose jurisdiction comprises the following counties: Benton, Carroll, Chester, Crockett, Decatur, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, on behalf of all individuals and institutional investors that purchased the common stock of SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) Computer Technology, Inc. ("SCB" or the "Company") (Nasdaq:SCBI SCBI Sportfishing Club of the British Isles ) between August 19, 1997 and April 13, 2000, inclusive (the "Class Period"). The complaint alleges that the Company and certain of its officers violated the federal securities laws by providing materially false and misleading information about the Company's revenues and earnings. The Complaint further alleges that as a result of these false and misleading statements, as well as accounting irregularities, the Company's stock traded at artificially inflated prices during the class period. On April 14, 2000, the Company revealed that the Audit Committee of its Board of Directors was investigating allegations of potential accounting irregularities affecting SCB's financial statements. The Company further announced that Ernst & Young, LLP resigned as the Company's independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. , and that the Company anticipates that it will restate its audited financial statements for fiscal years 1998 and 1999 and its unaudited financial statements for the first three quarters of 2000. As a result of these announcements, Nasdaq halted trading of SCB securities on April 14, 2000. 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 take appropriate action by June 16, 2000. You are encouraged to call or e-mail the Firm. |
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