NEW YORK, Feb. 22, 2005 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all purchasers of iPass Inc. securities ("iPass" or the "Company") (Nasdaq:IPAS) during the period from April 22, 2004 through June 30, 2004, inclusive (the "Class Period").
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/newcases/5.html or contact us by phone at (888) 529-4787 or by email at vlee@kmslaw.com for more information.
The action charges iPass and certain of its senior officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period -- of artificially inflating the price of iPass' shares.
Investors allege that during the Class Period, the Company failed to disclose that: (i) the Company's "user base growth" had virtually vanished, trailing the previous quarter by 90%; (ii) the Company's consolidation in the number of dial-up access numbers was resulting in less customer usage; and (iii) as a result, the Company's financial projections for Q2 2004 were false and misleading. The stock price fell from $10.59 to $6.91 on July 1, 2004 when the Company announced that its second-quarter earnings and revenue missed its forecasts.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than March 15, 2005 move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. Section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.