Update In The Shareholder Class Action Lawsuit Against Cadence Design Systems, Inc. (NASDAQ: CDNS) Over Allegedly False And Misleading Financial Statements
New Shareholder Class Action Lawsuits +++ Deadline expires on December 26, 2008 +++ Go To -> www.ShareholdersFoundation & Never Miss A Deadline +++
There is a deadline coming up in the shareholder lawsuit against Cadence Design Systems, Inc. (NASDAQ: CDNS) over allegedly false and misleading financial statements. The deadline will expire on December 26, 2008.
If you purchased Cadence Design Systems, Inc. (NASDAQ: CDNS) common stock during the period between April 23, 2008 and October 22, 2008, you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
On Thursday, October 30, 2008, a law firm filed on behalf of a shareholder of Cadence Design Systems, Inc. (NASDAQ: CDNS) a proposed class action lawsuit in the United States District Court for the Northern District of California on behalf of all purchasers of Cadence Design Systems, Inc. (NASDAQ: CDNS) common stock during the period between April 23, 2008 and October 22, 2008 over alleged violations of the Securities Exchange Act of 1934. According to the complaint the plaintiff alleges that Cadence Design Systems, Inc. (”Cadence”) and certain of its current and former officers violated the Securities Exchange Act of 1934 by misrepresenting Cadence’s financial performance and prospects, overstating its revenues, and causing it to file false and misleading financial statements with the SEC. Specifically the stockholder alleges that the defendants allegedly caused Cadence to improperly report approximately $24 million in revenue in the first quarter of 2008 and in the six months ended June 28, 2008 that will not be earned until the later quarters and, therefore, should be properly recognized ratably over the duration of the customer contracts. Reportedly Cadence announced on October 15, 2008 the departures of its Chief Executive Officer and four other senior executives. The price of Cadence common stock dropped approximately 15%. Then on October 22, 2008, defendants surprised investors by acknowledging that the Cadence was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008 and as a result of this news Cadence’s stock price dropped another 25%, as the artificial inflation caused by defendants’ false and misleading statements came out of the stock price, so the lawsuit.
If you purchased Cadence Design Systems, Inc. (NASDAQ: CDNS) common stock during the period between April 23, 2008 and October 22, 2008, you have certain options and there are strict and short deadlines running. (December 26, 2008). You should contact the Shareholders Foundation, Inc. immediately!
Shareholders Foundation, Inc.
Allen Trevor
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 Mail@ShareholdersFoundation.com www.ShareholdersFoundation.com
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