Wolf Haldenstein Adler Freeman and Herz LLP Commences Class
Action Lawsuit on Behalf of Descartes Systems Group, Inc. Shareholders
NEW YORK, June 17 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP
filed a class action lawsuit in the United States District Court for the
Southern District of New York, on behalf of all persons who purchased the
securities of Descartes Systems Group, Inc. ("Descartes" or the "Company")
(NASDAQ:DSGX) between June 4, 2003 and May 6, 2004, inclusive, (the "Class
Period") against defendants Descartes and certain officers of the Company.
The case name is Van Fraassen v. Descartes Systems Group, Inc., et al. A copy
of the complaint filed in this action is available from the Court, or can be
viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at
http://www.whafh.com/cases/descartes.htm .
The complaint alleges that defendants violated the federal securities laws by
issuing materially false and misleading statements throughout the Class Period
that had the effect of artificially inflating the market price of the Company's
securities.
The Complaint alleges that statements made by the defendants during the class
period were each materially false and misleading because they failed to
disclose and misrepresented the following adverse facts: (a) that Descartes'
financial statements were materially false and misleading; (b) that the Company
was recording revenue on contingent contracts where contingencies were
unfulfilled and in violation of generally accepted accounting principles and
SAB 101; (c) that the Company lacked adequate internal controls to ensure the
accuracy of its financial statements; (d) and that, as a result of the
foregoing, defendants lacked a reasonable basis for their positive statements
about the Company and their earnings projections.
If you purchased Descartes securities during the Class Period, you may request
that the Court appoint you as lead plaintiff by July 19, 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 in Chicago, 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., Gregory M. Nespole, Esq., Christopher S. Hinton, 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 Descartes. DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT: Fred Taylor Isquith, Esq., or Gregory M. Nespole, Esq., or Christopher S. Hinton, Esq., or George Peters, or Derek Behnke, 1-800-575-0735, , all of Wolf Haldenstein Adler Freeman & Herz LLP Web site: http://www.whafh.com/ http://www.whafh.com/cases/descartes.htm
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