LITTLE ROCK, Ark., Dec. 19, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Sagent Technology, Inc. ("Sagent" or the "Company") (Nasdaq:SGNTE), formerly Nasdaq:SGNT, publicly traded securities during the period between May 11, 2001 and November 28, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.classlawyer.com/pr/sagent_ii.pdf.
The complaint charges Sagent and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Sagent is a provider of Real-time eBusiness Intelligence Solutions, which purport to enable enterprises to win new customers and improve operational effectiveness. The Company develops, markets and supports products and services that are designed to help businesses collect, analyze, understand and act on customer and operational information in real-time. Sagent was founded in 1995 to develop and sell its DMS suite software.
The complaint alleges that during the Class Period, defendants caused Sagent's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Sagent was able to complete a private placement offering of 9.1 million shares, raising net proceeds of $16.8 million on August 1, 2001.
On November 15, 2001, just months after this offering was completed, Sagent revealed that its Q3 results, and possibly other quarters, were false when issued. The stock dropped below $0.70 per share on this news. Then, on November 28, 2001, after the market closed, defendants revealed that Sagent's Q1-Q3 results had been materially misstated and would have to be restated.
If you bought Sagent publicly traded securities between May 11, 2001 and November 28, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 29, 2002 If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
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 investors 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 are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca