| Company: | Quovadx, Inc. |
| Ticker Symbol: | NASD: QVDX |
| Class Period: | October 22, 2003 through March 15, 2004 |
| Court: | District, CO |
| Date Filed: | Mar-19-04 |
| Lead Plaintiff Deadline: | May-17-04 |
| Allegations: |
A securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Quovadx (Nasdaq:QVDX) between October 22, 2003 through March 15, 2004, inclusive (the "Class Period"). Law Offices Of Charles J. Piven, P.A. is examining whether the Class Period may be expanded back to October 22, 2002.
The case is pending in the United States District Court for the District of Colorado against defendant Quovadx and one or more of its officers and/or directors.
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the Complaint alleges that Defendants issued numerous false and misleading statements concerning the Company's financial results. These statements failed to disclose that the Company had materially overstated its net income and earnings per share, that Defendants prematurely recognized revenue from contracts with Infotech Network Group, and that the Company lacked adequate internal controls to determine its true financial condition.
On March 15, 2004, Quovadx announced that it would: (i) delay the filing of its annual report on form 10-K for the year ended December 31, 2003; (ii) restate its third quarter 2003 financial results; and (iii) revise its previously announced fourth quarter and full year financial results. In response to this announcement, Quovadx shares fell $1.45 per share, losing approximately 28.8% of their value. The Securities and Exchange Commission has opened an investigation into the restatement as well as other issues.
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 case is pending in the United States District Court for the District of Colorado against defendant Quovadx and one or more of its officers and/or directors.
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the Complaint alleges that Defendants issued numerous false and misleading statements concerning the Company's financial results. These statements failed to disclose that the Company had materially overstated its net income and earnings per share, that Defendants prematurely recognized revenue from contracts with Infotech Network Group, and that the Company lacked adequate internal controls to determine its true financial condition.
On March 15, 2004, Quovadx announced that it would: (i) delay the filing of its annual report on form 10-K for the year ended December 31, 2003; (ii) restate its third quarter 2003 financial results; and (iii) revise its previously announced fourth quarter and full year financial results. In response to this announcement, Quovadx shares fell $1.45 per share, losing approximately 28.8% of their value. The Securities and Exchange Commission has opened an investigation into the restatement as well as other issues.
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.
