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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Quovadx, Inc.
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HARTFORD, Conn., March 30 /PRNewswire/ -- The law firm of Schatz & Nobel,
P.C., which has significant experience representing investors in prosecuting
claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the District of
Colorado on behalf of all persons who purchased the publicly traded securities
of Quovadx, Inc. (Nasdaq: QVDX) ("Quovadx") from October 22, 2003 through
March 15, 2004 inclusive (the "Class Period").
The Complaint alleges that Quovadx and certain of its officers and
directors issued materially false statements during the class period
concerning the Company's financial results. Specifically, defendants failed
to disclose that Quovadx had materially overstated its net income and earnings
per share; and that defendants prematurely recognized revenue from contracts
with Infotech Network Group in violation of generally accepted accounting
principals. As a result of the foregoing, Quovadx's financial results were
materially overstated throughout the Class Period.
On March 15, 2004, Quovadx announced that it would delay the filing of its
10-K for the year ended December 31, 2003 to restate its third quarter
financial results and revise its 2003 fourth quarter and full year financial
results. The SEC is currently investigating the restatement.
If you are a member of the class, you may, no later than May 17, 2004
request that the Court appoint you as lead plaintiff. A lead plaintiff is a
class member that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall recovery
for class members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the largest
financial interest as presumptively the most adequate lead plaintiff(s).
Therefore, if you believe that you have a large loss, you may wish to seek to
be a lead plaintiff.

For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free: [phone], or by e-mail:
[e-mail]. To view a copy of the lawsuit initiating the class action,
or for more information about class action cases and Schatz & Nobel, please
visit our website: http://www.snlaw.net.

CONTACT: Nancy A. Kulesa
Tel.: [phone]