FOX & KILSHEIMER LLP FILES
SECURITIES FRAUD CLASS ACTION AGAINST
NEW YORK – November 21, 2000 – Kaplan Fox & Kilsheimer LLP (www.KaplanFox.com) has filed a Class Action against Quintus Corporation and certain of the Company’s officers and directors in the United
States District Court for the Northern District of California. The suit is brought on behalf of all persons or entities who purchased the common stock of Quintus
Corporation (“Quintus”) (NASDAQ:QNTS) between November 15, 1999 and November 15, 2000 inclusive (the “Class Period”).
The complaint charges Quintus and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued a series of false and misleading
financial statements and press releases concerning Quintus's publicly reported revenue and net income. These materially false and misleading statements allowed the Company
to engage in a number of acquisitions in which it acquired target companies for Quintus stock. Such acquisitions would have been impossible without the Company's
artificial inflation of its stock price.
“On November 15, 2000, Quintus shocked the investment community
when it announced that it would delay filing its Form 10-Q for the quarter ended September 30, 2000 pending completion of an “investigation of revenue and accounts
receivable for that period.” The Company further stated that “among the issues under review is Quintus' statement, on October 17, 2000, that it had collected a receivable
from an outsourcing company. Subsequent to that announcement, it has become unclear whether funds received by Quintus, apparently in satisfaction of that receivable, were
in fact paid by or on behalf of the outsourcing company.'' The Company also announced that it had placed Chief Executive Officer and Chairman of the Board of Directors
Alan Anderson on administrative leave and had hired PricewaterhouseCoopers LLP to investigate these financial reporting matters. Upon the announcement of the “bad news,”
the price of Quintus stock fell by 50% before NASDAQ halted trading in Quintus stock, requesting more information.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York and San Francisco, 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 January 15, 2001, 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.
Laurence D. King, Esq.
Janine R. Azriliant, Esq.
Donald R. Hall, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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