| Company: | Autobytel Inc. |
| Ticker Symbol: | NASD: ABTL |
| Class Period: | July 24, 2003 to October 20, 2004 |
| Date Filed: | Oct-29-04 |
| Lead Plaintiff Deadline: | Dec-28-04 |
| Court: | Central District, CA |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Central District of California on behalf of all securities purchasers of the Autobytel Inc. (Nasdaq: ABTL; "Autobytel" or the "Company") from July 24, 2003 through October 20, 2004 inclusive (the "Class Period").
The complaint charges Autobytel and directors with violations of the Securities Exchange Act. More specifically, the complaint alleges that the company failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them: "(1) that the Company inappropriately recognized some unapplied credits; (2) that as a result of this, the Company's financial results were materially inflated by $900,000; (3) that the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times."
On 21 October, Autobytel announced partial third quarter 2004 financial results and that it would reschedule its earnings conference call which had been scheduled for that afternoon. Furthermore, the company announced that the Audit Committee of the Board of Directors of the Company was directing an internal review of the accounting treatment of certain unapplied credits that were recognized as revenue during the four quarters ended March 31, 2004. This news, says the law firm behind the suit, "shocked the market". Shares of Autobytel fell $1.93 per share, or 21.91 per cent, on October 21, 2004, to close at $6.80 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.
The complaint charges Autobytel and directors with violations of the Securities Exchange Act. More specifically, the complaint alleges that the company failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them: "(1) that the Company inappropriately recognized some unapplied credits; (2) that as a result of this, the Company's financial results were materially inflated by $900,000; (3) that the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times."
On 21 October, Autobytel announced partial third quarter 2004 financial results and that it would reschedule its earnings conference call which had been scheduled for that afternoon. Furthermore, the company announced that the Audit Committee of the Board of Directors of the Company was directing an internal review of the accounting treatment of certain unapplied credits that were recognized as revenue during the four quarters ended March 31, 2004. This news, says the law firm behind the suit, "shocked the market". Shares of Autobytel fell $1.93 per share, or 21.91 per cent, on October 21, 2004, to close at $6.80 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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
