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 Email Contact. 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
