NEW YORK, March 17, 2003 (PRIMEZONE) -- Wechsler Harwood LLP today announced that a securities class action has been commenced on behalf of persons or entities who purchased or otherwise acquired the securities of Carreker Corporation ("Carreker" or the "Company") (Nasdaq:CANIE) during the period between May 20, 1998 through and including December 10, 2002 (the "Class Period").
The case is pending in the United States District Court for the Northern District of Texas against defendants Carreker and certain of its officers and directors. A copy of the complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com
On December 10, 2002, Carreker issued a press release announcing it was reviewing its financial statements, principally focusing on the timing of its recognition of revenues during 'prior periods' (the "Restatement Press Release"). The Restatement Press Release also stated that the Company believed it may be required to restate its financial statements for prior periods and that if required, the Company would file amendments to its Form 10-Ks and Form 10-Qs for the affected periods. The Company cautioned that its historical financial statements for prior periods should not be relied upon. Carreker also announced that it was postponing its earnings release for the third quarter ended October 31, 2002. Following the issuance of the Restatement Press Release, the price of the Company's stock fell from $5.08 to $3.98 (22%). The complaint also alleges that Defendants took advantage of the artificially inflated share price in order to issue four million six hundred thousand shares pursuant to an offering on October 3, 2000.
On December 17, 2002, Carreker reported in a Form 8-K that the Securities and Exchange Commission had commenced an investigation into the timing of the Company's revenue recognition. On December 24, 2002, Carreker issued a press release announcing that due to the delayed filing of its Form 10-Q, it had received notification from the NASDAQ that its securities were subject to de-listing.
If you purchased securities during the Class Period, you may, no later than April 11, 2003, move to be appointed as a lead plaintiff in this class action. A lead plaintiff is a representative party that acts on behalf of other class members in directing the 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 Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. 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:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com extension-257
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca