SAN FRANCISCO, Aug. 10 /PRNewswire/ -- Gold Bennett Cera & Sidener LLP
announced today that it had filed a class action in the United States District
Court for the Northern District of California on behalf of purchasers of
Unify Corporation ("Unify") (Nasdaq: UNFY) common stock during the period
between May 19, 1999 and July 28, 2000 (the "Class Period"), Case Number
C-00-2880-MEJ. Plaintiff seeks to recover damages on behalf of all
purchasers of Unify common stock during the Class Period (the "Class").
The plaintiff is represented by the San Francisco law firm of Gold Bennett
Cera & Sidener LLP. For over 30 years, Gold Bennett Cera & Sidener LLP and
its predecessors have successfully engaged in complex commercial litigation,
including shareholder, consumer and antitrust class actions, in federal and
state courts throughout the United States, recovering hundreds of millions of
dollars for its clients.
The complaint charges Unify and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Specifically, the
complaint alleges that starting in early 1999, the individual defendants
caused Unify to issue false financial results and make false statements about
the demand for its products, thus causing Unify's common stock to trade at
artificially inflated levels throughout the Class Period. Defendants
capitalized upon the inflation by selling 700,288 of their personal Unify
shareholdings for proceeds in excess of $7.8 million.
On July 31, 2000, Unify shocked investors by disclosing that the Company
had engaged in improper revenue recognition practices which affected the
accuracy and truthfulness of its reported financial results for fiscal 1999
and fiscal 2000. Unify also reported that its top two officers had been
placed on "administrative leave" and that the Company would be seeking an
extension from the Securities and Exchange Commission with respect to the
filing of its annual report on Form 10-K for fiscal 2000 while the Company's
audit committee continued its review of accounting irregularities.
Upon these disclosures, trading in Unify's stock was halted, after last
trading at $3.94 -- a significant decline from its Class Period high of
If you are a member of the Class described above, you may, no later than
September 29, 2000, move the Court to serve as lead plaintiff of the Class, if
you so choose. In order to serve as lead plaintiff, however, you must meet
certain legal requirements. If you wish to discuss this action or have any
questions concerning this case or your rights or interests, please contact
Joseph M. Barton, Esq. of Gold Bennett Cera & Sidener LLP, 595 Market Street,
Suite 2300, San Francisco, California 94105, by telephone at 800-778-1822 or
415-777-2230, by facsimile at 415-777-5189 or by e-mail at firstname.lastname@example.org.
SOURCE Gold Bennett Cera & Sidener LLP