Supreme Cmdr Posted March 29, 2005 Report Posted March 29, 2005 eh? quote: The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of Electronic Arts Inc. (NASDAQ:ERTS) ("EA" or the "Company") between January 25, 2005 and March 21, 2005, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected]. The complaint charges EA, Lawrence Probst, III, and Warren Jenson with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that increased competition from its competitors was eroding EA market share; (2) that hardware shortages were material; (3) that EA continued to suffer from operating margin compression; and (4) that as a result of the above, the Company's statements about its financial performance were lacking in any reasonable basis when made. On March 21, 2005, after the market closed, EA announced revised estimates for the Company's fiscal year ending March 31, 2005. News of this shocked the market. Shares of EA fell $11.20 per share or 16.88 percent, on March 22, 2005, to close at $55.15 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.. If you are a member of the class described above, you may, not later than May 27, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
Kevin Trotter Posted March 30, 2005 Report Posted March 30, 2005 Can you say poetic justice? The guys at Sega and Visual Concepts have to be loving this one.
LostInSpace Posted March 31, 2005 Report Posted March 31, 2005 Looks like they will have to change their name from Electronic Arts to Extreme Avarice.
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