The complaint charges Cadence and certain of its current and former officers with violations of the Securities Exchange Act of 1934. During the Class Period, the Complaint alleges that defendants misrepresented Cadence's financial performance and prospects, overstated its revenues, and caused it to file false and misleading financial statements with the SEC. More specifically, 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.
If you are a purchaser of Cadence common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made on or before December 29, 2008. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a Cadence investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at Email Contact, or Email Contact, or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.