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AremisSoft Files Federal Lawsuit Against West Highland Capital

Thursday July 5, 9:03 am Eastern Time

Press Release

AremisSoft Files Federal Lawsuit Against West Highland Capital, Wells Fargo Van Kasper, Rocker Partners, The Street.com, and Others
NEW YORK--(BUSINESS WIRE)--July 5, 2001--AremisSoft Corporation (NASDAQ: AREM - news), a leading international supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced that it has filed a lawsuit in the United States District Court-Northern District of California against West Highland Capital Inc., J. David Scially, Michael Wilkens, Wells Fargo Van Kasper LLC, Martin Svanda, Apex Capital LLC, The Street.com, Inc., and Rocker Partners L.P.

The complaint alleges the defendants knowingly acted together to manipulate the market price of AremisSoft common stock by creating and disseminating false and misleading information to wrongfully obtain profits for themselves and their affiliates. The defendants are accused of creating and disseminating knowingly false analyst reports, press articles, and/or other public statements containing false negative information about AremisSoft. The complaint alleges defamation of AremisSoft's good name in the investment community, and the business world, unjust enrichment by virtue of short sales of AremisSoft common stock, negligent disregard for the truth, and violation of Section 10(b) of the Securities Exchange Act of 1934. A jury trial is demanded.

AremisSoft alleges that concerted action by the defendants was conducted to reduce the price of AremisSoft common stock in order to facilitate the profitable covering of shorts sales by the defendants and their affiliates. A key initial action was the publishing of a false and misleading analyst report by J. David Scially and others of West Highland Capital, that was sent to stock broker Martin Svanda of Wells Fargo Van Kasper with the express intent to broadly disseminate the misleading information. Subsequently, it is alleged that false and misleading statements and the threat of loss of business was carried out by Rocker Partners. The Street.com knowingly published false and misleading reports, which aided and abetted the rumors and false statements of others, in order to induce panic selling in AremisSoft common stock. AremisSoft alleges in the complaint that these defendants and others acted in concert, in an illegal conspiracy, to defame AremisSoft and its officers, in order to damage its business reputation, and reduce its stock price. Additional parties may be added to the complaint by amendment if discovery in the case suggests others were involved.

AremisSoft is seeking relief from these acts including:


- Compensatory and general damages;
- Special damages;
- Restitution and disgorgement for wrongful profits and compensation;
- Injunctive relief;
- Prejudgment interest;
- Punitive and exemplary damages; and
- Attorney's fees.

AremisSoft is being represented in this lawsuit by the firm of Cotchett, Pitre & Simon, which is based in San Francisco and Los Angeles. AremisSoft intends to make the filed complaint available on the AremisSoft website at www.aremissoft.com.

About AremisSoft Corporation

AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare, hospitality and construction industries. The Company's software products help streamline and enhance an organization's ability to manage and execute mission-critical functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $123.6 million for the twelve months ended December 31, 2000 and pro forma net income of $29.2 million for the same period. AremisSoft has approximately 1,300 employees, with sales in over 20 countries and a customer base in excess of 8,000. The Company also operates a software development and support facilities in India, with approximately 300 employees, which provides significant organizational efficiencies and cost advantages in software development and support.

Cautionary Statement for Purposes of the ``Safe Harbor'' Provisions of the Private Securities Litigation Reform Act of 1995: All statements, other than historical facts, included in the foregoing press release regarding the Company's financial position, business strategy, and plans of management for future operations are ``forward looking statements.'' These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward looking statements include, but are not limited to, statements in which words such as ``expect,'' ``see,'' ``anticipate,'' ``intend,'' ``plan,'' ``believe,'' ``estimate,'' ``consider,'' or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions, including risks discussed under ``Risk Factors'' in the Company's annual report on Form 10-K, SEC File No. 0-25713, all of which are incorporated herein by reference. The Company's actual results and stockholder values may differ materially from those anticipated or expressed in these forward looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict. Readers of this press release are cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward looking statements, whether as a result of new information, future events or otherwise.


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Contact:
AremisSoft Corporation
Paul Bloom, 856/869-0770
[e-mail]

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