FOX & KILSHEIMER LLP FILES
SECURITIES FRAUD CLASS ACTION
AGAINST BROADVISION, INC.
NEW YORK – April 18, 2001– Kaplan Fox & Kilsheimer LLP (www.KaplanFox.com) has filed a class action against BroadVision, Inc. 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 BroadVision, Inc. (“BroadVision”) (NASDAQ: BVSN) between January 26, 2001 and April 2, 2001 inclusive (the “Class Period”).
The complaint charges BroadVision and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. BroadVision develops, markets and supports application software solutions designed for one-to-one
relationship management across extended enterprises. The complaint alleges that by late 2000, BroadVision’s stock price had declined significantly due to reduced demand
for its products and slowing sales. By the time BroadVision reported its results for the 4thQ 00 on 1/25/01, BroadVision’s CEO and CFO were aware that the Company
was suffering from a combination of declining demand and out of control expenses. Furthermore, they knew that BroadVision’s new version of its One-to-One Enterprise
product (Version 6.0), due to be released in the 1stQ 01, did not meet J2EE standards. This would reduce demand for this new product and further impact BroadVision’s
future growth and impair their ability to make future stock sales and extract future bonuses, which were tied to the Company’s performance. Thus, defendants continued to
make positive but false statements about BroadVision’s business and future revenues when reporting the Company’s 4thQ 00 results. As a result, BroadVision’s stock
traded as high as $15 3/16 during the class period.
On 04/02/01, after the close of market, BroadVision announced its
preliminary 1stQ 01 results, the revision of its previously reported 4thQ 00 results and a one-time charge in the 2ndQ 01. For the fourth quarter, BroadVision
restated downwards its pro-forma earnings per share by 50%, from $0.02 to $0.01. This disclosure shocked the market, causing BroadVision’s stock to decline to $2
13/16 per share before closing at $2 31/32 on 4/3/01, inflicting hundreds of millions of dollars of damage on plaintiff and the Class. In addition, BroadVision’s CFO
sold 30,000 shares of his BroadVision stock before the bad news was revealed to the market.
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, San Francisco, Chicago and New Jersey 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 June 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:
Robert Kaplan, Esq.
Hae Sung Nam, Esq.
Adam Walsh, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
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