Class Action suit filed against NetManage, Inc. and its officers and directors alleging misrepresentations and insider trading.SAN DIEGO--(BUSINESS WIRE)--June 23, 1997--A class action has been commenced 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 purchasers of NetManage, Inc. ("NetManage") common stock during the period April 18, 1996 to July 18, 1996 (the "Class Period"). The complaint charges NetManage and certain of its officers and directors with violations of the federal securities laws which violations allegedly involve the issuance of false and misleading statements combined with insider trading by the Company's directors and senior officers. The complaint further alleges that during the Class Period, certain of the individual defendants sold 198,672 shares of their NetManage stock at artificially inflated prices as high as $18.25 per share for $2.8 million in proceeds. In addition, defendants registered 1,243,292 NetManage shares for sale by insiders of certain companies NetManage acquired to allow those persons to sell their stock in the open market and cash out of NetManage at an attractive price. These sales were undertaken while defendants allegedly possessed adverse non-public information and before the truth concerning NetManage's business and finances was revealed and NetManage's stock price, which had traded as high as $18-7/8 per share during the Class Period, declined to as low as $7-5/8. NetManage could not overcome this profound downturn, and its stock currently trades for less than $3.50 per share. Plaintiff seeks to recover damages on behalf of all purchasers of NetManage common stock during the Class Period (the "Class"). He is represented by the law firm of Milberg Weiss Founded in 1965 by attorneys Larry Milberg and Melvyn I. Weiss, Milberg Weiss (formerly known as Milberg Weiss & Bershad LLP) is a U.S. plaintiffs' law firm. Based in New York City, it is widely known for representing investors in securities class actions. Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol , who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in 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 , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , 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 and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and is active in major litigation pending in federal and state courts throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. Visit the firm's website at www.milberg.com . If you are a member of the Class described above, you may, no later than 60 days from today, 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 notice or your rights or interests, please contact plaintiff's counsel, William Lerach, James Caputo or Darren Robbins of Milberg Weiss at 800/348-6192 or via e-mail at wsl@mwbhl.com . CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP William Lerach/James Caputo/Darren Robbins, 800/348-6192 |
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