On June 6, 2000, Wolf Haldenstein Adler Freeman & Herz LLP, filed a securities class action lawsuit in the United States District Court for the District of Colorado on behalf of investors who bought Accelr8 Technology Corp. (NASDAQ: ACLY) ('Accelr8' or the 'Company') stock between September 15, 1997 and November 16, 1999 (the 'Class Period').
The lawsuit alleges that Accelr8, Thomas V. Geimer and Harry J. Fleury violated federal securities laws. Specifically, plaintiff alleges that defendants materially overstated Accelr8's revenue, improperly recognized revenue relating to licensing and maintenance fees, failed to amortize capitalized software development costs, and failed to disclose that the Company's Navig8 2000 software, created to fix the millennium big, was not available as a general Year 2000 remediation tool to the total universe of the programs that need Year 2000 solutions as represented during the Class Period.
The Complaint alleges, amongst other things, that, as a result of these material misstatements and omissions, the Company's stock price was artificially inflated throughout the Class Period.
If you wish to read the current Complaint, please click the Complaint button at the bottom of this page.
Additional cases have been filed on behalf of investors. On August 17, 2000, the court consolidated the case and appointed lead plaintiff and counsel. On October 16, 2000, a consolidated amended complaint was filed with the court. Defendants filed a motion to dismiss. The Court denied defendants' motion to dismiss on February 13, 2002. A settlement of $450,000 and 375,000 shares of common stock has been proposed. Claim forms must be postmarked by June 16, 2003. Claim forms can be printed from the Claims Administrator's website, http://www.strategicclaims.org/sys-tmpl/door/. The Court has approved the settlement.
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, or by telephone at (800) 575-0735 (George Peters, Esq., Fred Taylor Isquith, Esq., or Gregory M. Nespole, Esq.) or click on the link marked "Participate In This Class Action."