Looks like Sarraf Gentile is busily fishing with these lawsuits:
Sarraf Gentile LLP Files Class Action Against Astea International, Inc.
NEW YORK, NY -- (MARKET WIRE) -- 04/28/2006 -- The law firm of Sarraf Gentile LLP has filed a securities fraud class action lawsuit on behalf of those investors who acquired the securities of Astea International Inc. (NASDAQ: ATEA), during the period May 11, 2005 to March 31, 2006. The lawsuit is pending in the United States District Court for the Eastern District of Pennsylvania and names as defendants Astea and certain of its top ranking executives.
According to the complaint, the defendants materially overstated and exaggerated Astea's financial health throughout the relevant period. In particular, it is alleged that the defendants failed to accurately account for the company's software development costs under Generally Accepted Accounting Principles ("GAAP"). As a result, the complaint alleges, Astea overstated its earnings by failing to comply with GAAP when recording its expenses.
On March 31, 2006, the company announced that it would have to restate its financial results for the three quarters ended September 30, 2005, in order to adjust for the improper accounting. On news of the restatement, the price of the company's stock plummeted from $16.50 to $11.73 per share, a loss of nearly 30% in a single day, on exceptionally high volume. During the relevant period, Astea stock traded as high as $25.71 per share.
If you bought the securities of Astea during the period May 11, 2005 to March 31, 2006, you may, no later than June 5, 2006, move the Court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The Court must determine whether the class member's claim is typical of other class members' claims, and whether the class member will adequately represent the class. 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 Sarraf Gentile LLP, or other counsel of your choice, to serve as your counsel in this action.
If you would like to participate in this action or would like additional information about the lawsuit, please contact Joseph Gentile at Sarraf Gentile LLP, 485 Seventh Avenue, Suite 1005, New York, New York 10018 (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
nilremerlin
