Northern District of California on behalf of purchasers of Altris Software, Inc. ("Altris" or the "Company") (NASDAQ/NNM: ALTS) common stock between April 18, 1996 and March 11, 1998 (the "Class Period") to recover damages caused by defendants' violations of Securities Exchange Act of 1934.
Altris is a company which designs, develops, integrates and markets electronic document management systems to provide a cost effective means of electronically storing and managing document and drawing images for industrial, commercial and governmental applications. (Prior to October, 1996, the Company was known as Alpharel, Inc.)
The lawsuit alleges that defendants concealed from their shareholders accounting irregularities which have caused an extraordinary overstatement of the Company's earnings over the past two years, and in addition, that defendants continuously disseminated materially false and misleading statements regarding the Company's current financial performance and future business prospects.
On March 11, the Company announced that it was reviewing its financial statements to determine if all the revenue reported for that period was recognized in accordance with generally accepted accounting principles. Plaintiff seeks to recover damages on behalf of class members.
Your name will automatically be included in the list of class members and you need do nothing further at this time to protect your rights. If and when the Court awards any compensation based on damages to the class, notice will be given to the class, at which point you will be given the option to opt out of the award or participate in the award. If you choose to participate in the award, any compensation awarded will be divided among the members of the class under court supervision and on a proportionate basis determined by the loss incurred by each class member.
If you did not purchase or otherwise acquire stock during the class period, but simply held the stock, you are not eligible to participate in the suit. Also excluded from the class are the defendants, officers and directors of the company, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which any defendant has or had a controlling interest.
This action has been undertaken by plaintiffs' counsel on a contingency fee basis. As such, you will not be responsible for payment of any legal fees or costs incurred in prosecuting this action.

Update

The court has dismissed the case with no recovery to the class. Plaintiffs appealed the decision, but the Court of Appeals affirmed the ruling. If you have any further questions, please feel free to contact us.