Wolf Haldenstein Announces the Filing of a Class Action Suit Against Micromuse, Inc. and Certain Officers and Directors on Behal
27 February 2004 - 1:55AM
PR Newswire (US)
Wolf Haldenstein Announces the Filing of a Class Action Suit
Against Micromuse, Inc. and Certain Officers and Directors on
Behalf of Investors NEW YORK, Feb. 26 /PRNewswire/ -- The law firm
of Wolf Haldenstein Adler Freeman & Herz LLP announces thata
class action lawsuit was filed on February 24, 2004, on behalf of
purchasers of the securities of Micromuse, Inc. ("Micromuse" or the
"Company") between January 20, 2000 and December 30, 2003,
inclusive (the "Class Period"), seeking to pursue remedies under
the Securities Exchange Act of 1934 (the "Exchange Act"). The
action, numbered 03-CV-770, is pending in the United Stated
District Court for the Northern District of California, against
defendants Micromuse and certain of its senior executive officers.
According to the complaint, defendants violated sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder, by issuing a series of material
misrepresentations to the market during the Class Period. The
complaint alleges that during the Class Period, defendants
knowingly or recklessly issued materially false and misleading
financial statements that misrepresented the Company's earnings and
shareholder equity. During this period, Company insiders sold
Micromuse stock for proceeds of approximately $174 million. The
Class period ends on December 30, 2003. On that date, the Company
announced that filing of its annual report on Form 10-K would be
delayed pending completion of an internal inquiry, primarily
regarding accounting for accrued expenses and expense recognition,
and that the Company expected the inquiry to lead to a restatement
of financial results for the fiscal years ending September 20,
2000, 2001, 2002 and 2003. In reaction to this announcement, the
price of Micromuse common stock dropped by 12.4%, from a closing
price of $6.90 on December 29, 2003, and closed the day down 4% at
$6.59 on volume ten times greater than average. If you purchased
Micromuse securities during the Class Period, you may request that
the Court appoint you as lead plaintiff by March 15, 2004. 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 Wolf Haldenstein, or other counsel of
your choice, to serve as your counsel in this action. Wolf
Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The firm has
approximately 60 attorneys in various practice areas; and offices
inChicago, New York City, San Diego, and West Palm Beach. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation. If you wish to discuss
this action or have any questions, please contact Wolf Haldenstein
Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith,
Esq., Betsy C. Manifold, Esq., George Peters, or Derek Behnke), via
e-mail at or visit our website at http://www.whafh.com/ . All
e-mail correspondence should make reference to Micromuse.
DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT:
Fred Taylor Isquith, Esq., Betsy C. Manifold, Esq., George Peters,
or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz
LLP, +1-800-575-0735, or Web site: http://www.whafh.com/
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