BOCA RATON, Fla., March 2, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Northern District of California on behalf of all individuals and institutional investors that purchased the common stock of Commtouch Software Ltd. ("Commtouch" or the "Company") (Nasdaq:CTCH) between April 19, 2000, and Feb. 13, 2001, inclusive (the "Class Period").
The complaint alleges that on Feb. 14, 2001, Commtouch announced that it would restate its Q1, Q2 and Q3 2000 financial statements because of accounting misstatements. The Company also reported that, subject to completion of the 2000 audit, it expects to restate its revenues and net loss for the first three quarters of 2000. The aggregate revenues for the first through third quarters of 2000 will be $3.6 million, $5.0 million and $5.2 million, respectively, compared with previously announced revenues of $4.3 million, $5.9 million and $8.1 million. In total, Commtouch will adjust its revenues downwards by $4.4 million. The net loss for the first three quarters of 2000 will be $9.1 million, $10.8 million and $10.2 million respectively, compared with the previously announced net loss of $8.5 million, $9.9 million and $7.6 million. Also, during the fourth quarter, due to the decline in market conditions, the Company recorded a $5 million write down of investments made during 2000 in certain privately held technology companies. On this news, Commtouch's shares dropped to as low as $1-3/8, or more than 95%, from its Class Period high of $39-1/2.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits 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 meet certain requirements and take appropriate action by April 17, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Sue Null, Charlie Gastineau or Jackie Addison Toll Free: 1-888-551-9944 E-mail: firstname.lastname@example.org
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
Cauley Geller Bowman & Coates, LLP Sue Null or Charlie Gastineau, Media (888) 551-9944