Wednesday June 26, 7:10 pm Eastern Time Press Release SOURCE: Glancy & Binkow LLP Glancy & Binkow LLP and Israeli Law Firm Dekel-Sabo Law Office Commence Class Action Lawsuit Against Amdocs Limited LOS ANGELES--(BUSINESS WIRE)--June 26, 2002--Notice is hereby given that the Glancy & Binkow LLP and Israeli law firm Dekel-Sabo Law Office commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased securities of Amdocs Limited ("Amdocs") (NYSE:DOX - News) between July 18, 2000 and June 20, 2002, inclusive (the "Class Period").
The Complaint charges Amdocs and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants overstated the Company's orders backlog and misrepresented the demand for Amdocs' products and services. The complaint alleges that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Amdocs' revenue and business prospects caused Amdocs' stock price to become artificially inflated, inflicting damages on investors.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP and Dekel-Sabo Law Office, law firms 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 August 23, 2002, 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 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 email@example.com; or contact Jacob Sabo, Esquire, of Dekel-Sabo Law Office, Twin Towers 1, 33 Jabotinsky Street, Ramat-Gan 52511, P.O. Box 21119, Tel-Aviv, Israel 61210, by telephone at 011-972-36-13-33-10, or by email at firstname.lastname@example.org.
What these suits are basically saying. I bought the share. The share want down. I want my mommy!!(The American tort system)
Well wake up and smell the roses. If u invest and the share goes down u dont go after the company execs unless they have done anything illegal or have been derelict.
I for one know that the management has been trying there hardest to get new sales but if telcos decide to stop spending no company can force them.
Also I wonder whether these are the same investors who invested in .coms with 0 revenue who are crying about a profitable company with positive revenues,continuing maintenance work even if no new projects come in (not true actually as there are a lot of potential clients),a huge amount of cash on their hands and an active share buyback program.
This proposed class action litigation is the weakest I have ever read. Listen to the June 20 conference call. Telecoms are delaying their expenditures. What else is new? If plaintiffs are looking for misrepresentation or fraud, you're wasting your time suing Amdocs.
Looks like DOX is forming a technical reversal. Buyers are coming back in. Quarter-end window dressing the next two sessions could boost the share price. Fundamentals are strong (positive cash flow; attractive P/E, price-to-sales and PEG ratios). A billion dollars in backlog. And no explosure to "WorldCon."
Upgrades to GPRS and strong value proposition will resume their growth. Hey, communication companies gotta collect their bills, right?