Replies to post #407 on Infotopia (fka IFTA)

[thepennyking]

GLRS Files Class Action Lawsuit against PORTAL SOFTWARE INC.

NEW YORK (BUSINESS WIRE) – December 9, 2003 - Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on December 8, 2003 in the United States District Court for the Northern District of California, on behalf of persons who purchased or otherwise acquired publicly traded securities of Portal Software Inc. ("Portal" or the "Company") (NASDAQ: PRSF) between May 20, 2003 and November 13, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Portal 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 violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. Specifically, the complaint alleges that Defendants issued numerous public statements concerning the Company’s revenue growth, product and marketing initiatives, and increasing revenues and profits while failing to disclose that demand for its products was materially declining. Prior to the disclosure of the adverse information, the Company completed a public offering of stock, raising over $56 million in net proceeds.

On November 13, 2003, Portal issued a press release announcing that it expected net losses of $0.36 to $0.40 per share for the third quarter fiscal 2004 versus prior earnings guidance of net profits of $0.04 per share. Defendants attributed the lower guidance to contract delays and revenue recognition deferrals. Reaction to the negative news was swift. In after hours trading on November 13, 2003, Portal common shares fell more than 42.5% to open at $8.77 per share on November 14, 2003.

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 Portal securities between May 20, 2003 and November 13, 2003, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than January 19, 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