| Company: | Electronic Arts Inc. |
| Ticker Symbol: | NASD: ERTS |
| Class Period: | January 25, 2005 to March 21, 2005 |
| Date Filed: | Mar-28-05 |
| Lead Plaintiff Deadline: | May-27-05 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of Electronic Arts Inc. (Nasdaq: ERTS) ("EA" or the "Company") between January 25, 2005 and March 21, 2005, inclusive (the "Class Period").
The complaint charges EA, Lawrence Probst, III, and Warren Jenson with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that increased competition from its competitors was eroding EA market share; (2) that hardware shortages were material; (3) that EA continued to suffer from operating margin compression; and (4) that as a result of the above, the Company's statements about its financial performance were lacking in any reasonable basis when made.
On March 21, 2005, after the market closed, EA announced revised estimates for the Company's fiscal year ending March 31, 2005. News of this shocked the market. Shares of EA fell $11.20 per share or 16.88 percent, on March 22, 2005, to close at $55.15 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 EA, Lawrence Probst, III, and Warren Jenson with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that increased competition from its competitors was eroding EA market share; (2) that hardware shortages were material; (3) that EA continued to suffer from operating margin compression; and (4) that as a result of the above, the Company's statements about its financial performance were lacking in any reasonable basis when made.
On March 21, 2005, after the market closed, EA announced revised estimates for the Company's fiscal year ending March 31, 2005. News of this shocked the market. Shares of EA fell $11.20 per share or 16.88 percent, on March 22, 2005, to close at $55.15 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 you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
