PHILADELPHIA, Dec. 1, 2000 -- (PRIMEZONE) --The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit has been commenced in the United States District Court, Northern District of Illinois, Eastern Division, against defendants marchFIRST, Inc. ("marchFIRST" or the "Company") (Nasdaq:MRCH) and Robert F. Bernard, President, CEO, and Chairman of the Board, on behalf of purchasers of the common stock of marchFIRST between July 25, 2000 and October 23, 2000, inclusive (the "Class Period").
marchFIRST is an Internet professional services firm that provides services to help companies build business models, brands, systems and processes to capitalize on opportunities created by the Internet and related computer and communications technologies and a provider of integrated application hosting services. marchFIRST provides services to clients ranging from early-stage Internet start-up companies to Global 2000 companies. On March 1, 2000, the company, previously named Whittman-Hart, completed a merger with USWeb/CKS and changed its name to marchFIRST. This was a huge merger valued at more than $7 billion.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 25, 2000, and October 23, 2000, thereby artificially inflating the price of marchFIRST common stock. Specifically, defendants issued false and misleading statements concerning the integration of the merged companies, its 2ndQ 00 results, improving business momentum, and lack of problems with its accounts receivable. On 10/24/00, marchFIRST revealed that it was in fact suffering a huge shortfall in revenues and would have 3rdQ 00 EPS of only $0.01 and exposed the problems marchFIRST had been experiencing during the Class Period in collecting payment from certain of its customers. This announcement caused the company's stock price to drop to as low as $4-19/32 on record volume of 49.8 million shares on 10/24/00.
If you purchased the common stock of marchFIRST between July 25, 2000 and October 23, 2000, you may, no later than December 26, 2000, move the court to serve as lead plaintiff of the class, if you choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Spector, Roseman & Kodroff, P.C., or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel
SPECTOR, ROSEMAN & KODROFF, P.C., located in Philadelphia and San Diego, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts, which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.