Milberg Weiss Announces a Class Action Suit against Parametric Technology Corp., Steven Walske, Noel Posternak, C. Richard Harrison and Edwin Gillis.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--Feb. 14, 2003 The law firm of Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol announces that a 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 filed on February 13, 2003, on behalf of purchasers of the securities of Parametric Technology Corp. ("Parametric" or the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PMTC PMTC Prevention of Mother to Child Transmission (of HIV/AIDS) PMTC Pacific Missile Test Center PMTC Professional Multimedia Test Center ) between October 19, 1999 and December 31, 2002 inclusive (the "Class Period") and who were damaged thereby. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/cases/parametric/ The action, numbered 03-10290-WGY, is pending in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. , against defendants Parametric Technology Corp., Steven C. Walske (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. until March 1, 2000 and Chairman until June 2000), Noel G. Posternak (Chairman since June 2000), C. Richard Harrison (CEO since March 1, 2000, President since 1994), Edwin J. Gillis (Parametric's Executive Vice President, CFO See Chief Financial Officer. and Treasurer from January 15, 2002 to November 12, 2002). The Honorable William G. Young Judge William G. Young is a United States District Judge for the District of Massachusetts. He has served the public for almost all of his professional life, which started with his time in the United States Army where he served as a Captain from 1962 until 1964. , Chief Judge, is the Judge presiding over this action. The complaint charges that defendants violated Sections 10(b) and 20(a) 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, by issuing a series of materially false and misleading statements to the market between October 19, 1999 and December 31, 2002. The complaint alleges that, throughout the Class Period, Parametric issued numerous statements and filed quarterly and annual reports with the SEC which described the Company's supposedly increasing revenues and financial performance. These statements were materially false and misleading when made, the complaint alleges, because the Company had overstated its revenue since fiscal 1999, in violation of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and because the Company lacked adequate internal controls and was unable to accurately determine and report the Company's financial condition. On December 31, 2002, after the close of regular trading, Parametric issued a press release announcing a "$20 to $25 million of previously recognized maintenance revenue which should have been deferred and recognized in fiscal 2003 and later periods." Accordingly, the Company announced, it "expects to report a corresponding reduction in maintenance revenue in prior periods, primarily in fiscal year 2002." In reaction, on January 2, 2003, shares of Parametric closed at $2.19 per share, after hitting an intraday low of $1.95, as compared with a Class Period high of $32.88 per share, reached on December 16, 1999. If you bought the securities of Parametric between October 19, 1999 and December 31, 2002 you may, no later than April 15, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the 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. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action. Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 190-lawyer firm with offices in 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. , San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G. Schulman or U. Seth Ottensoser One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: Parametriccase@milbergNY.com Website: http://www.milberg.com |
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