| Company: | BearingPoint, Inc. |
| Ticker Symbol: | NYSE: BE |
| Class Period: | October 30, 2002 through August 13, 2003 |
| Court: | Eastern District, VA |
| Date Filed: | Aug-25-03 |
| Lead Plaintiff Deadline: | Oct-20-03 |
| Allegations: |
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 numerous positive statements throughout the Class Period regarding the Company's financial performance. As alleged in the complaint, these statements were each materially false and misleading when made as they failed to disclose and misrepresented the following material adverse facts which were then known to defendants or recklessly disregarded by them:
(1) that the Company had materially overstated its net income and earnings per share and undervalued its identifiable intangibles (goodwill) by approximately $20 million;
(2) that the Company had inflated its earnings by improperly accounting for restructuring charges relating to acquisitions;
(3) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP");
(4) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and
(5) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On August 14, 2003, prior to the opening of the financial markets, the Company announced in a press release and in a concurrently filed Form 8-K that it would restate its financial results for the first three quarters of fiscal year 2003 due to certain acquisition related and other accounting adjustments. News of this shocked the market. Shares of BearingPoint fell 23 percent, or $2.41 per share, to close at $7.90, on unusually heavy trading volume on August 14, 2003.
If you acquired the securities of BearingPoint, Inc. during the Class Period you may, no later than October 20, 2003, 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.
