| Company: | Astea International Inc. |
| Ticker Symbol: | NASD: ATEA |
| Class Period: | May 11, 2005 to March 31, 2006 |
| Date Filed: | Apr-06-06 |
| Lead Plaintiff Deadline: | Jun-04-06 |
| Court: | Eastern District, PA |
| Allegations: |
A class action has been filed on behalf of purchasers of the common stock of Astea International Inc. (NASDAQ: ATEA), in the period between May 11, 2005, and March 31, 2006, inclusive. 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 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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
