SOURCE: Brower Piven, A Professional Corporation

October 31, 2008 17:55 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Cadence Design Systems, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 29, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - October 31, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Cadence Design Systems, Inc. ("Cadence" or the "Company") (NASDAQ: CDNS) during the period between April 23, 2008 and October 22, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 29, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer any questions you may have in that regard.

The Complaint charges the defendants with violations of the Securities Exchange Act of 1934 and alleges that throughout the Class Period, defendants misrepresented Cadence's financial performance and prospects, overstated its revenues, and caused it to file false and misleading financial statements with the SEC. According to the complaint, on October 15, 2008, the Company announced the departures of its Chief Executive Officer and four other senior executives, causing a significant decline in the value of Cadence's common stock. The complaint also alleges that after the Company announced on October 22, 2008, that it expected to restate its financial statements for that quarter and the first half of 2008, the value of Cadence's shares declined significantly.

If you have suffered a net loss for all transactions in Cadence Design Systems, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/332-0030
    Email Contact