NEW YORK, June 28, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of New Jersey on behalf of all purchasers of AremisSoft Corporation ("AremisSoft" or the "Company") (Nasdaq:AREM) common stock between Dec. 17, 1999, and May 17, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's Website at www.faruqilaw.com
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Among other things, plaintiff claims that defendants issued a series of false and misleading press releases concerning AremisSoft's financial condition and business prospects. Specifically, the complaint alleges that the Company overstated the impact of a 1999 contract entered into with Bulgarian authorities concerning the automation of the Bulgarian national healthcare system. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period. On May 18, 2001, however, AremisSoft announced that prior representations concerning the Bulgarian Contract were misleading because the Company failed to disclose that AremisSoft had only won a small portion of the overall contract and that the Company would have to engage in competitive bidding for the reminder of the contract. In fact, the Bulgarian contract was not worth $37.5 million, but only $3.75 million, or 90% less than the amounts represented by defendants. When trading in AremisSoft stock resumed after being halted, the price declined from $13.28 per share to $11.98 per share.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired AremisSoft securities between Dec. 17, 1999, and May 17, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Class Action" section of our Website at www.faruqilaw.com.
If you purchased AremisSoft securities during the Class Period, you may, not later than July 23, 2001, 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:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail (Avozz@faruqilaw.com) www.faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.