Cohen, Milstein, Hausfeld & Toll Files Securities Fraud Suit Against Peregrine Systems, Inc.Business Editors SEATTLE--(BUSINESS WIRE)--May 21, 2002 The law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein Mil·stein , Cesar 1927-2002. Argentinian-born British immunologist. He shared a 1984 Nobel Prize for developing a method of producing monoclonal antibodies. , Hausfeld & Toll, P.L.L.C., on behalf of its client, has filed a lawsuit lawsuit: see procedure; tort. in the United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. on behalf of persons who purchased Peregrine Systems  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . , Inc. (Nasdaq:PRGN) common stock during the
period July 24, 2001 through May 3, 2002 (the "Class Period").
The complaint charges Peregrine and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued a series of materially false and misleading statements, which had the effect of artificially inflating the price of Peregrine common stock. In particular, the complaint alleges that, during the Class Period, defendants caused Peregrine's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. On May 6, 2002, however, Peregrine revealed that it had undertaken an investigation of the accounting treatment the Company had given at least $100 million in sales booked in fiscal 2001 and 2002. Peregrine also announced that its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and CFO See Chief Financial Officer. both had resigned, and that the Company had notified the SEC about the possible accounting flaws. Peregrine common stock, which had traded at over $35 per share during the Class Period, sunk below $1 per share on this news. Cohen, Milstein, Hausfeld & Toll, P.L.L.C., (www.cmht.com) which has offices in Washington D.C., Seattle and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , has taken a lead role in numerous important cases on behalf of defrauded investors. The firm's reputation for excellence has been recognized on repeated occasions by courts, which have appointed the firm to lead positions in many complex, multi-district or consolidated litigations. Cohen, Milstein has made recoveries on behalf of consumers, defrauded investors and others which, in the aggregate, total billions of dollars. If you purchased Peregrine Systems, Inc. common stock during the period from July 24, 2001 through May 3, 2002, inclusive, you may move the Court no later than July 8, 2002 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards. If you have any questions about this notice or the action, or with regard to your rights, please contact one of the following: |
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