Replies to post #403 on Infotopia (fka IFTA)

[thepennyking]

GLRS Files Class Action Lawsuit Against Network Engines, Inc.

NEW YORK (BUSINESS WIRE) – January 6, 2004 - Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on January 5, 2004 in the United States District Court for the District of Massachusetts, on behalf of persons who purchased or otherwise acquired publicly traded securities of Network Engines Inc. ("Network Engines" or the "Company") (NASDAQ: NENG) between November 6, 2003 and December 10, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Network Engines and certain officers and directors.

If you are a member of this class you can view a copy of the complaint and join this class action online.

The complaint alleges that Defendants knew but failed to disclose that Network Engines was in the process of renegotiating its distribution contract with EMC, and that EMC was calling for price reductions, which if agreed to, would negatively impact the Company’s financial results. Nevertheless, throughout the class period, the Company continued to issue positive statements, touting the company’s financial performance and the success of its relationship with its largest customer EMC.

On December 10, 2003, the Company announced, along with other items, that it had renegotiated its distribution contract with EMC. The amendment to the contract would negatively impact the company’s results. Following this announcement, shares of network Engines fell $3.92 per share, or 39% to close at $6.10 per share.

Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP of New York, New York and Ft. Lauderdale, Florida. Goodkind Labaton is a pioneer in the field of investor protection, with forty years experience litigating securities class actions in courts throughout the country. Goodkind Labaton has over 50 attorneys in two offices and maintains an in-house staff of finance and accounting specialists. Goodkind Labaton also has extensive trial experience and, most recently, concluded a class action trial resulting in a landmark $185 million verdict for the plaintiff class.

If you bought Network Engines securities between November 6, 2003 and December 10, 2003, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than February 17, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives at [e-mail] or Christopher Keller, Esq. at 800-321-0476.


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CONTACTS

Jonathan M. Plasse
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax


Christopher J. Keller
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax