NEW YORK, Sept. 5, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of Minnesota, case number 03 Civ. 5175, on behalf of all persons or entities who purchased or otherwise acquired Stellent, Inc. ("Stellent" or the "Company") securities (Nasdaq:STEL) during the period between October 2, 2001 and April 1, 2002, both dates inclusive (the "Class Period"). The Complaint names Stellent, Robert F. Olson, Vernon J. Hazlik, and Gregg A. Waldon as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the Company failed to disclose to shareholders that: (a) The Company had issued a loan to a distributor to assist the distributor in purchasing Stellent products; (b) Revenue's had been inflated as the result of affiliated transactions with other businesses that the Company and its executives had significant ownership of; (c) The Company was experiencing deteriorating demand for its products; and (d) The Company's receivables were grossly over-valued.
Before the stock market opened on April 1, 2002, Stellent warned the market that the revenues for the fourth quarter of its fiscal year 2002, would be almost 50 percent less than the Company's previous forecast. As a result of the Company's warning, the price of the Company's opened down $2.30 per share, or 24%, from the previous days close of $9.63. Over the next few days, the stock continued to decline and closed on April 3, 2002, at $7.37, down $2.26, or 23.5%, from the closing price of the stock the day before the warning.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Stellent common stock during the Class Period described above, you may, no later than September 29, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca