Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Descartes Systems Group, Inc.
HARTFORD, Conn., May 28 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Southern District of New
York on behalf of all persons who purchased the publicly traded securities of
Descartes Systems Group, Inc. (NASDAQ:DSGX) (TSX: DSG)("Descartes") between
June 4, 2003 and May 6, 2004, inclusive (the "Class Period").
The Complaint alleges that Descartes, a provider of supply chain solutions, and
certain of its officers issued materially false statements concerning
Descartes' financial condition. Specifically, defendants failed to disclose
that: (i) Descartes maintained insufficient reserves for doubtful accounts, in
light of the fact that it was having extreme difficulties collecting
receivables especially in the Asia-Pacific region; (ii) Descartes had
overstated revenues by at least $1.1 million by recognizing revenues from a
contract with a customer in China that was impaired by a regulatory action of
the Chinese Government; and (iii) Descartes had failed to take sufficient write
downs of the assets it had determined to be impaired. As a result of the
foregoing, Descartes financial results were materially overstated throughout
the Class Period.
If you are a member of the class, you may, no later than July 19, 2004 request
that the Court appoint you as lead plaintiff of the class. A lead plaintiff is
a class member that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall recovery for
class members, including decisions concerning settlement. The securities laws
require the Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view
a copy of the lawsuit initiating the class action, or for more information
about class action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/.
CONTACT: Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail: DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, +1-800-797-5499, Web site: http://www.snlaw.net/
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