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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Supportsoft, Inc.
HARTFORD, Conn., Dec. 9 /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 Northern District of
California on behalf of all persons who purchased the publicly traded
securities of Supportsoft, Inc. (NasdaqNM: SPRT) ("Supportsoft") between
January 20, 2004 and October 1, 2004 (the "Class Period").
The complaint alleges that Supportsoft violated federal securities laws by
issuing false or misleading public statements regarding Supportsoft's ability
to generate sales. Specifically, the complaint alleges Supportsoft failed to
disclose that its business model was not materially differentiated from other
enterprise software companies, that its customers were implementing additional
hurdles to contract approvals and that it was experiencing execution
difficulties.
On October 4, 2004, Supportsoft announced its preliminary financial results for
the third quarter 2004, reporting that it expected total revenues to be in the
range of $11.9 million to $12.3 million as compared to $13.5 million for the
same period the prior year. On this news, Supportsoft stock fell from a close
of $9.62 per share on October 1, 2004 to close at $6.21 per share on the next
trading day, October 4, 2004, on extremely heavy trading volume.
If you are a member of the class, you may, no later than February 7, 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: Wayne T. Boulton
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail:
DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Wayne T. Boulton of Schatz & Nobel, P.C., +1-800-797-5499,
Web site: http://www.snlaw.net/