Class Action Lawsuit Commenced Against MicroStrategy Incorporated by Bernstein Liebhard & Lifshitz, LLP.Business/Legal Editors NEW YORK--(BUSINESS WIRE)--March 22, 2000 The following was announced to day by the law firm of Bernstein Liebhard & Lifshitz, LLP LLP - Lower Layer Protocol : A securities 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 commenced on behalf of purchasers of the common stock of MicroStrategy Incorporated (Nasdaq:MSTR MSTR Microstrategy, Inc (stock symbol) MSTR Master MSTR Minneapolis and St. Louis (railroad) MSTR Master Mode ) ("MicroStrategy" or the "Company"), between December 6, 1999 and March 17, 2000, inclusive, (the "Class Period"), 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. for the District of Virginia. The complaint charges MicroStrategy and certain of its directors and executive officers with violations 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. The complaint alleges that the defendants issued materially false and misleading financial statements that materially overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o the Company's revenue, earnings and income. As a result, MicroStrategy's stock price was artificially inflated throughout the Class Period. The truth was disclosed on March 20, 2000 when MicroStrategy announced that it would restate its financial results for 1998 and 1999. In response, MicroStrategy's stock price plunged 62%, losing $140 to close at $86.75 per share. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired MicroStrategy common stock during the Class Period. If you purchased or otherwise acquired MicroStrategy securities during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than 60 days from March 20, 2000. Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Mr. Mark Punzalan, Director of Shareholder Relations at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, 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 , New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at MSTR@bernlieb.com. |
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