NEW YORK, May 4 (www.allCUnews.com [1]) -- Dreier LLP (http://www.dreierllp.com [2]) today announced that a class action lawsuit was commenced in the United States District Court for the Northern District of Georgia, on behalf of the purchasers of the common stock of CheckFree Corp. ("CheckFree" or the "Company") (Nasdaq: CKFR) during the period April 4, 2006 through August 1, 2006, inclusive (the "Class Period"). The complaint alleges violations of the federal securities laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased CheckFree common stock during the Class Period, you may be a member of the proposed Class. You must move the Court on or before June 11, 2007 if you wish to serve as a lead plaintiff. Lead plaintiffs must meet certain legal requirements. If you want to discuss your legal rights, please contact Daniel B. Scotti (classlaw@dreierllp.com [3]) of Dreier LLP at 800-952-8897. Class members may retain counsel of their choice and
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. On April 4, 2006, an analyst indicated that CheckFree had projected a 25% annual transaction growth for the foreseeable future. The Complaint further alleges that throughout the Class Period, defendants made false and misleading statements concerning CheckFree's Electronic Commerce and Payment Services businesses. The truth began to emerge when, during an August 1, 2006 conference call, CheckFree reported that its financial results for the quarter ended June 30, 2006 were vastly lower than what had been communicated to analysts in April. In reaction to this news, the following day the price of the Company's stock declined $5.93 per share, or 13.75%, on unusually heavy trading volume.
Dreier LLP's Class Action Litigation Group has vast experience representing domestic and foreign institutional and individual investors in securities and other class actions throughout the country. The partners who head Dreier LLP's Class Action Litigation Group have successfully prosecuted securities fraud class actions in a wide variety of industries and have played a significant role in cases that have resulted in some of the largest securities class action settlements. Prior results do not guarantee a similar outcome.
Dreier LLP
499 Park Avenue
New York, New York 10022
(800) 952-8897
classlaw@dreierllp.com [3]
http://www.dreierllp.com [2]
Links:
[1] http://www.allCUnews.com
[2] http://www.dreierllp.com
[3] mailto:classlaw@dreierllp.com
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