Class action lawsuit commenced against the Bisys Group
A securities class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired securities of the Bisys Group, Inc. ("Bisys" or the "Company") between October 23, 2000 and May 17, 2004, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). A copy of the Complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP.
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The Complaint alleges that during the Class Period defendants' publicly disseminated results of Bisys' operations and financial condition contained artificially inflated revenues, assets and income. Such results were not prepared or reported in accordance with Generally Accepted Accounting Principles and deceived investors as to the Company's true performance, thereby artificially inflating the price of Bisys securities during the Class Period. On May 17, 2004, after the close of ordinary trading, Bisys announced that it would be restating "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 account for a $70 million to $80 million adjustment to its previously reported commissions receivable in its life insurance division. In response to this announcement, the price of Bisys common stock dropped, closing at $12.97 on May 18, 2004, down from a high of $14.50 on May 17 on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Bisys securities during the Class Period. If you purchased or otherwise acquired Bisys securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 19, 2004.