| Company: | Micromuse, Inc. |
| Ticker Symbol: | NASD: MUSEE |
| Class Period: | January 20, 2000 to December 29, 2003 |
| Court: | Southern District, CA |
| Date Filed: | Jan-16-04 |
| Lead Plaintiff Deadline: | Mar-15-04 |
| Allegations: |
A securities class action lawsuit was filed on January 12, 2004, on behalf of purchasers of the securities of Micromuse, Inc. ("Micromuse" or the "Company") (Nasdaq:MUSEE) between January 20, 2000 and December 29, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The action is pending in the United States District Court for the Northern District of California, numbered C-04-0136, and names Micromuse, Inc., Gregory Q. Brown, Lloyd Carney, and Michael Luetkemeyer as defendants. The complaint maintains 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.
The complaint further alleges that during the Class Period, defendants knowingly or recklessly issued materially false and misleading financial statements that misrepresented the Company's earnings and shareholder equity. During this period, Company insiders sold Micromuse stock for proceeds of approximately $174 million.
On December 30, 2003, the Company announced that filing of its annual report on Form 10-K would be delayed pending completion of an internal inquiry, primarily regarding accounting for accrued expenses and expense recognition, and that the Company expected the inquiry to lead to a restatement of financial results for the fiscal years ending on September 20th of 2000, 2001, 2002 and 2003. In reaction to this announcement, the price of Micromuse common stock dropped by 12.4%, from a closing price of $6.90 on December 29, 2003 to its closing price of $6.59, a 4% decrease on volume ten times greater than average.
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 action is pending in the United States District Court for the Northern District of California, numbered C-04-0136, and names Micromuse, Inc., Gregory Q. Brown, Lloyd Carney, and Michael Luetkemeyer as defendants. The complaint maintains 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.
The complaint further alleges that during the Class Period, defendants knowingly or recklessly issued materially false and misleading financial statements that misrepresented the Company's earnings and shareholder equity. During this period, Company insiders sold Micromuse stock for proceeds of approximately $174 million.
On December 30, 2003, the Company announced that filing of its annual report on Form 10-K would be delayed pending completion of an internal inquiry, primarily regarding accounting for accrued expenses and expense recognition, and that the Company expected the inquiry to lead to a restatement of financial results for the fiscal years ending on September 20th of 2000, 2001, 2002 and 2003. In reaction to this announcement, the price of Micromuse common stock dropped by 12.4%, from a closing price of $6.90 on December 29, 2003 to its closing price of $6.59, a 4% decrease on volume ten times greater than average.
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.
