LITTLE ROCK, Ark., April 13, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Northern District of Texas on behalf of all individuals and institutional investors that purchased the securities of i2 Technologies, Inc. ("i2" or the "Company") (Nasdaq:ITWO) between January 9, 2001 and February 26, 2001, inclusive (the "Class Period").
The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's business, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Specifically, the Complaint alleges that during the Class Period, unbeknownst to investors, Nike, Inc. ("Nike"), one of i2's significant customers, was experiencing problems with its implementation of i2's software, which necessarily put i2's relationship with Nike at material risk. Nevertheless, according to the complaint, defendants issued a series of materially false and misleading statements which failed to disclose, among other things, that the Company was experiencing software implementation difficulties with Nike and that these problems were material and severe and were damaging the Company's relationship with Nike.
On February 26, 2001, after the close of the market, Nike issued a press release revising its third quarter and fiscal 2001 earnings because of, among other things, "complications arising from the impact of implementing [its] new demand and supply planning systems" which were developed by i2. Shareholders of i2, upon hearing that Nike blamed its problems on i2 and i2's software, immediately caused the Company's stock price to collapse. By the end of the day, i2's stock closed at $27.56, down 22% from the previous day's close of $35.50. Prior to the disclosure of the above mentioned adverse facts, certain insiders took advantage of the inflated stock price by selling, in aggregate, more than $97 million in i2 stock to the investing public.
If you bought the securities of i2 between January 9, 2001 and February 26, 2001, inclusive, you may, no later than May 1, 2001 request that 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 Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca