FOX & KILSHEIMER LLP FILES CLASS ACTION
SUIT AGAINST RAVISENT TECHNOLOGIES, INC.
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
Frederic S. Fox, Esq.
Brigid T. Kavanaugh, Esq.
Hae Sung Nam, Esq.
Kaplan Fox & Kilsheimer LLP
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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