SOURCE: Stull, Stull & Brody

August 11, 2005 19:06 ET

Stull, Stull & Brody Announces Class Action Against Workstream, Inc.

NEW YORK, NY -- (MARKET WIRE) -- August 11, 2005 -- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York, on behalf of purchasers of Workstream, Inc. ("Workstream") (NASDAQ: WSTM) common stock between January 14, 2005 and April 14, 2005, inclusive (the "Class Period").

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Workstream, Inc. stock through your Workstream, Inc. retirement account and have information or would like to learn more about these claims, please contact us.

The Complaint alleges that throughout the relevant period, the defendants failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them and which caused the defendants to issue materially false and misleading financial statements and projections which, among other things, caused the price of Workstream stock to trade at artificially inflated prices. The complaint alleges, for example, that defendants purposefully overstated and exaggerated Workstream's projected revenues and earnings, and other related measures of the company's financial condition, by improperly recognizing revenue for sales of software using inapplicable "percentage of completion" accounting methodologies.

If you acquired Workstream, Inc. stock between January 14, 2005 and April 14, 2005, you may, no later than October 10, 2005, request the Court appoint you as lead plaintiff. 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 Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has not yet filed a complaint in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

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 Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com or by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Contact:
    Tzivia Brody, Esq.
    Stull, Stull & Brody
    Email Contact
    1-800-337-4983
    Fax: 212/490-2022