homeimgo
Home
About Our Firm
Our Areas of Practice
Our Attorneys
Recently Filed Actions
Join a Class Action
Report Fraud
Significant Recoveries
Notices & Proof of Claims
Contact Us

KAPLAN FOX & KILSHEIMER LLP FILES CLASS ACTION
SUIT AGAINST RAVISENT TECHNOLOGIES, INC.

New York--March 8, 2000—Kaplan Fox & Kilsheimer LLP has commenced a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania, on behalf of purchasers of the common stock of Ravisent Technologies, Inc. (Nasdaq:RVST) during the period between July 15, 1999 and February 17, 2000, inclusive (the ``Class Period'').

The Complaint alleges that Ravisent and certain of its officers and directors violated the Securities Exchange Act of 1934. According to the Complaint, defendants commenced and engaged in a scheme to artificially inflate the revenues and profits of Ravisent by improperly recording revenues on contracts in violation of generally accepted accounting principles in order to accomplish the Company's Initial Public Offering (``IPO'') at the maximum prices per share. The Complaint further alleges that defendants' scheme included creating the illusion that Ravisent was an increasingly profitable company. Pursuant to their scheme, defendants determined to effectuate the IPO during the fiscal quarter so that no current period certified financial statements of Ravisent would be included.

On February 18, 2000, defendants announced that the release of its 1999 audited financial statements would be delayed due to final audit procedures as a result of the company's discussions with its independent auditors concerning Ravisent's having inappropriately recognized revenue in 1999 on certain contracts. As a result of this announcement, Ravisent's share price plunged $9 to close at $18 9/18 on trading volume in excess of 3,500,000 shares.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP which has many years of experience in prosecuting investor class actions and actions involving financial fraud.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com.

If you are a member of the Class, you may move the court no later than April 26, 2000, to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:

Frederic S. Fox, Esq.
Brigid T. Kavanaugh, Esq.
Hae Sung Nam, Esq.
Kaplan Fox & Kilsheimer LLP
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail address:
mail@KaplanFox.com

Back to the Main List

Please Click Here to Join the Class Actions or Request Information

 

 | HOME | | ABOUT OUR FIRM | | OUR AREAS OF PRACTICE |

| OUR ATTORNEYS | | RECENTLY FILED ACTIONS | | CONTACT US |

For additional information about Kaplan Fox & Kilsheimer LLP

contact (mail@KaplanFox.com)

© Copyright 2001, Kaplan Fox & Kilsheimer LLP