|Ticker Symbol:||NASD: TRPS|
|Class Period:||January 9, 2002 TO July 1, 2002|
|Court:||Eastern District, MO|
|Lead Plaintiff Deadline:||Sep-22-03|
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between January 9, 2002 and July 1, 2002, thereby artificially inflating the price of Tripos common stock. The Complaint alleges that these statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that the Company was experiencing weakening demand for its products and services as its customers were delaying, deferring or canceling purchases; (b) that the Company was experiencing severe and material problems with a certain contract and therefore would not be able to recognize revenue on that contract as anticipated; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their earnings projections and positive statements about Tripos.
On July 1, 2002, Tripos shocked the market when it announced that, contrary to its repeated representations throughout the Class Period, it would not meet its earnings guidance for the second quarter of 2002, and it was reducing its earnings guidance for fiscal year 2002. Furthermore, the Company stated that it now expected to have a loss from operations of $1.8 million to $2.1 million for the quarter. In response to this announcement, the price of Tripos common stock dropped precipitously, falling from $21.80 per share to $8.53 per share - a drop of 60% - on extremely heavy trading volume.
If you acquired the securities of Tripos, Inc. during the Class Period you may, no later than September 22, 2003, 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.
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