Notice is hereby given that a class action lawsuit was filed on December 2, 2004, in the United States District Court for the District of New Jersey, on behalf of all purchasers of the common stock of Intelligroup, Inc. ("Intelligroup" or the "Company") (NASDAQ:ITIGE) between May 1, 2001 and September 24, 2004, inclusive (the "Class Period") against Intelligroup, Arjun Valluripalli, Nicholas Visco, Edward Carr and David J. Distel.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company engaged in improper accounting practices; (2) that as a consequence of the foregoing, the Company materially overstated its financial results in violation of generally accepted accounting principles ("GAAP"); (3) that the Company lacked adequate internal controls; and (4) that as a result of the above, the Company's net income and revenues, among other things, were materially overstated at all relevant times.
On September 24, 2004, Intelligroup announced that it expected to restate its previously issued financial statements filed on Form 10-K for the years ended December 31, 2003, 2002 and 2001 and filed on Form 10-Q for the quarterly periods beginning January 1, 2001 to date. The news shocked the market. Shares of Intelligroup fell $.08 or 4.62 percent per share, to close at $1.65 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
If you acquired Intelligroup common stock between May 1, 2001 and September 24, 2004, you may, no later than December 13, 2004, request the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.