BILLERICA, Mass., April 6 /PRNewswire/ -- Peritus Software Services, Inc.
(Nasdaq: PTUS) announced today that a shareholder class action complaint has
been filed naming the Company and certain of its officers and directors as
defendants in the United States District Court for the District of
Massachusetts. Among the principal allegations contained in the complaint is
the claim that the defendants purportedly violated federal securities laws by
making false and misleading statements and by failing to disclose material
information concerning the Company's December 1997 acquisition of
substantially all of the assets and assumption of certain liabilities of the
Millennium Dynamics, Inc. business from American Premier Underwriters, Inc.
thereby allegedly causing the value of the Company's stock to be artificially
inflated. The lawsuit is brought on behalf of all persons who bought the
Company's stock during the period October 22, 1997 through March 27, 1998 (the
"class period"). The complaint also alleges that certain officers and/or
directors of the Company sold stock in the open market on one day in the class
period and seeks unspecified damages for the decline of the value of the
Company's stock during the class period.
The complaint was filed two days after the Company's March 30, 1998
announcement of its preliminary results for the quarter ended on March 31,
1998. The Company believes that it and the other defendants have meritorious
defenses to the allegations made by the plaintiffs and intends to contest the
lawsuit vigorously.
About Peritus
Peritus Software Services, Inc. enables customers to break the endless
cycle of application implementation, maintenance and obsolescence by deploying
a unique combination of people, process and advanced technologies to
continually protect and evolve clients' strategic software assets. For the
Year 2000 problem, Peritus provides the technology expertise in its state-of-
the-art, industry leading "mass change" products to enable its clients to
adapt existing systems to cataclysmic events. For more information about
Peritus, call 1-800-795-7787 or visit the Peritus web site at
http://www.peritus.com.
This press release may contain certain forward-looking statements, which
involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in such statements. Certain factors
that could cause actual results to differ materially from those discussed in
such forward-looking statements include the risks described in the Company's
Annual Report on Form 10-K for the year ended December 31, 1997, which factors
are incorporated herein by reference.
NOTE: Peritus is a registered trademark of Peritus Software Services, Inc.
Web site: http://www.peritus.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 123089
CONTACT:
Allen K. Deary, adeary@peritus.com or
Jacqueline Crowley, jcrowley@peritus.com of Peritus Software
Services, Inc., 978-670-0800
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