Chitwood Harley Harnes LLP's Notice of Filing Securities Class Action Against CheckFree Corporation (NASDAQ: CKFR)
April 13 2007 - 3:47PM
Business Wire
Chitwood Harley Harnes LLP announced today that it has filed a
lawsuit seeking class action status in the United States District
Court for the Northern District of Georgia on behalf of all persons
(the �Class�) who purchased the securities of CheckFree Corp.
(NASDAQ: CKFR) (�CheckFree� or the �Company�) during the period
April 4, 2006 through August 1, 2006, inclusive (the �Class
Period�). The defendants are CheckFree, Peter J. Kight, who at all
relevant times was Chairman of the Board and Chief Executive
Officer of the Company, and David Mangum, who at all relevant times
was Executive Vice President and Chief Financial Officer of the
Company. A copy of the Complaint will be available on our website,
www.chitwoodlaw.com. If you have questions about this case or your
rights as a class member or wish to submit your transaction
information to our firm, you may contact us through our website by
clicking on CheckFree. You may also contact Mary Kathryn King, Esq.
directly by emailing her at kking@chitwoodlaw.com or by calling
1-888-873-3999. 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. The Complaint alleges that
during the Class Period, defendants misled investors by issuing
false and misleading statements about CheckFree�s operations and
financial condition and as a result, the price of CheckFree
securities was artificially inflated during the Class Period.
According to the Complaint, on April 4, 2006, an analyst indicated
that CheckFree projected a 25% annual transaction growth for the
foreseeable future, which led to an 8% increase in the price of
CheckFree stock by the end of that day. Throughout the Class
Period, defendants continued to make false and misleading
statements about CheckFree�s Electronic Commerce and Payment
Services businesses in press releases, analyst reports and
conference calls. The truth began to emerge in an August 1, 2006,
conference call when CheckFree admitted that its financial results
for the quarter ended June 30, 2006, were lower than previously
expected. After the market learned of the disappointing results,
shares of CheckFree plunged $5.93, or 13%, the next day on a volume
of 17.3 million shares, the highest daily volume in the more than
10 years that the Company has been publicly traded. If you
purchased CheckFree securities between the period April 4, 2006 and
August 1, 2006, you may move the Court to serve as lead plaintiff
on behalf of the purported Class. All motions for appointment as
lead plaintiff must be filed with the Court no later than June 11,
2007. In order to serve as lead plaintiff, you must meet certain
legal requirements, which we would be pleased to discuss with you.
Chitwood Harley Harnes LLP is a law firm that concentrates its
nationwide practice in representing victims of securities fraud and
corporate mismanagement, as well as other complex litigation, and
has been appointed lead counsel in major class actions throughout
the United States in both federal and state courts.
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