| Company: | BISYS Group, Inc |
| Ticker Symbol: | NASD: BSG |
| Class Period: | October 23, 2000 to May 17, 2004 |
| Court: | Southern District, NY |
| Date Filed: | May-20-04 |
| Lead Plaintiff Deadline: | Jul-19-04 |
| Allegations: |
A securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of The BISYS Group, Inc. (NYSE:BSG) between October 23, 2000 and May 17, 2004, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District of New York against defendants BISYS, Lynn J. Mangum, Russell P. Fradin, James L. Fox and Kevin Dell.
The complaint charges that BISYS, Lynn J. Mangum, Russell P. Fradin, James L. Fox and Kevin Dell violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated there under, by issuing a series of material misrepresentations to the market between October 23, 2000 and May 17, 2004, about its financial condition thereby artificially inflating the price of BISYS' stock. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had materially inflated its financial results; (2) that the Company inappropriately recorded transactions included in its FY 2001-2004 results; (3) that the Company failed to writedown the value of the Company's commission receivables by $70-$80 million; (4) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (5) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On May 17, 2004, the Company issued a press release which stated: "Based upon a continuing review and analysis of commissions receivable in its Life Insurance division, BISYS has determined that the previously reported adjustment of $24.7 million ($15.5 million net of tax) to commissions receivable in its Life Insurance division will be increased to approximately $70 million to $80 million ... BISYS has also determined that the adjustment requires a restatement of its financial results for each of the fiscal years ended June 30, 2003, 2002 and 2001, as well as its interim results for fiscal 2004, to reflect the impact of the adjustment on each of the periods presented." On this news, the Company's shares fell $1.13 per share, or 8 percent, to close at $12.97 per share on unusually high trading volume.
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 Southern District of New York against defendants BISYS, Lynn J. Mangum, Russell P. Fradin, James L. Fox and Kevin Dell.
The complaint charges that BISYS, Lynn J. Mangum, Russell P. Fradin, James L. Fox and Kevin Dell violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated there under, by issuing a series of material misrepresentations to the market between October 23, 2000 and May 17, 2004, about its financial condition thereby artificially inflating the price of BISYS' stock. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had materially inflated its financial results; (2) that the Company inappropriately recorded transactions included in its FY 2001-2004 results; (3) that the Company failed to writedown the value of the Company's commission receivables by $70-$80 million; (4) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (5) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.
On May 17, 2004, the Company issued a press release which stated: "Based upon a continuing review and analysis of commissions receivable in its Life Insurance division, BISYS has determined that the previously reported adjustment of $24.7 million ($15.5 million net of tax) to commissions receivable in its Life Insurance division will be increased to approximately $70 million to $80 million ... BISYS has also determined that the adjustment requires a restatement of its financial results for each of the fiscal years ended June 30, 2003, 2002 and 2001, as well as its interim results for fiscal 2004, to reflect the impact of the adjustment on each of the periods presented." On this news, the Company's shares fell $1.13 per share, or 8 percent, to close at $12.97 per share on unusually high trading volume.
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.
