LOS ANGELES, Aug. 9, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of salesforce.com, inc. ("Salesforce" or the "Company") (NYSE:CRM) between June 21, 2004 and July 21, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Salesforce and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Salesforce's financial performance artificially inflated the Company's stock price, inflicting damages on investors. The complaint alleges that defendants failed to disclose and/or misrepresented: (1) that the Company knew or recklessly disregarded that its revenues and earnings per share were steadily declining; (2) that defendants concealed the aforementioned facts from the investing public in order to boost the price of the I.P.O., which netted the Company $126 million; and (3) as a consequence of the foregoing, that defendants lacked a reasonable basis for their positive statements about the Company's growth and progress.
On July 21, 2004, Salesforce warned that its profit and revenue for the full year will be lower than expected, and the stock promptly plunged. Shares of Salesforce fell $4.36 per share or 27.15 percent in one day, to close at $11.70 per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 24, 2004, 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 with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.