Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Cadence Design Systems, Inc.
November 11 2008 - 4:09PM
Marketwired
Bronstein, Gewirtz & Grossman, LLC announces that a class
action lawsuit has been filed in the United States District Court
for the Northern District of California on behalf of those who
purchased the securities of Cadence Design Systems, Inc. ("Cadence"
or the "Company") (NASDAQ: CDNS) between April 23, 2008 and October
22, 2008, inclusive (the "Class Period").
The complaint charges Cadence and certain of its current and
former officers with violation of the Securities Act of 1933. On or
about October 15, 2008, Cadence's stock declined 15% after the
company disclosed that five of its executives had resigned
including Michael Fister, the President, Chief Executive Officer,
and director of the company. Merely a week later, on or about
October 22, 2008 the Company stunned investors by acknowledging
that the company was reviewing the recognition of revenue related
to customer contracts signed in the first quarter of 2008 and that
it expected to restate its financial statements not only for that
quarter, but also the first half of 2008. On this news, shares of
Cadence declined $1.10 per share, more than 25%, to close on
October 23, 2008 at 3.22 per share, on unusually heavy volume.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact either Peretz Bronstein or Eitan
Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484
or via email eitan@bgandg.com. Those who inquire by e-mail are
encouraged to include their mailing address and telephone number.
December 29, 2008 is the deadline for investors to seek a lead
plaintiff appointment.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate work, private securities offerings, and securities
arbitration.
Contact: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz
& Grossman, LLC 212-697-6484 Email Contact
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