FOX & KILSHEIMER LLP FILES CLASS ACTION SUIT AGAINST MICROSTRATEGY,
INC. AND CERTAIN OF ITS OFFICER AND DIRECTORS
NEW YORK - - The following statement was issued today by the law firm of Kaplan Fox & Kilsheimer LLP:
class action has been commenced in the United States District Court for the Eastern District of Virgina, on behalf of all persons who purchased or otherwise acquired the common stock of MicroStrategy, Inc. (NASDAQ:
MSTR) between June 11, 1998 and March 17, 2000, inclusive, (the "Class Period").
The complaint charges MicroStrategy and certain of its directors and executive officers with violations of the
Securities Exchange Act of 1934. The complaint alleges, among other things, that defendants issued materially false and misleading statements concerning the Company's financial statements, revenues and earnings per
share. During 1998 and 1999, defendants significantly overstated MicroStrategy's revenues and earnings per share by improperly recognizing revenue in connection with software sales/service contracts. In addition,
the Complaint alleges that during the Class Period, certain senior officers and/or directors of MicroStrategy, engaged in the scheme to prevent the decline in the price of Microstrategy stock in order to artificially
inflate the price of MicroStrategy stock and to reap over $77 million in insider trading proceeds.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP which 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 May 19, 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.
Christine M. Comas, Esq.
Brigid T. Kavanaugh, Esq.
Kaplan Fox & Kilsheimer LLP
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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