Shareholder Class Action Filed Against Opus360 Corp. By the Law Firm of Schiffrin & Barroway, LLP

Apr 24, 2001, 01:00 ET from Schiffrin & Barroway, LLP

    BALA CYNWYD, Pa., April 24 /PRNewswire Interactive News Release/ -- The
 following statement was issued today by the law firm of Schiffrin & Barroway,
 LLP:
 
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of New York, located at
 500 Pearl Street, New York, NY 10007, on behalf of all purchasers of the
 common stock of Opus360 Corp. ("Opus" or the "Company") (Nasdaq: OPUS) at or
 traceable to, Opus' April 7, 2000 initial public offering ("IPO") and through
 March 20, 2001, inclusive (the "Class Period").
     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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges Opus360 and certain of its officers and directors
 with issuing false and misleading statements regarding its business and
 financial condition.  On April 7, 2000, Opus commenced an IPO of 7 million of
 its shares of common stock at an offering price of $10 per share.  In
 addition, Safeguard Scientifics, Inc., and CompuCom Systems, Inc., together
 sold 700,000 shares of Opus common stock at $10 per share on April 7, 2000.
 The complaint alleges that defendants failed to disclose, among other things,
 that: (i) OPUS XCHANGE, a product that the Prospectus touted as a
 sophisticated professional matching and project management software system,
 was fatally flawed and could not perform many of the functions detailed in the
 Prospectus; and (ii) that Opus had no basis for stating that the funds earned
 from the IPO would suffice to fund its aggressive expansion plan for at least
 12 months following the IPO without additional financing.  However, on
 March 20, 2001, Opus filed its financial results for the year 2000 with the
 SEC, on Form 10-K.  The 10-K contained a letter from KPMG, LLP, Opus' outside
 auditors, which revealed that there was a substantial doubt about Opus'
 ability to continue as a going concern.  Opus' common stock closed at $0.13
 per share on April 20, 2001 -- a 98% decrease from the IPO price of $10 per
 share.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 18, 2001, 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.
 
      CONTACT:  Schiffrin & Barroway, LLP
                Marc A. Topaz, Esq.
                Stuart L. Berman, Esq.
                Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
                1-888-299-7706 (toll free) or 1-610-667-7706
                Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X85308728
 
 

SOURCE Schiffrin & Barroway, LLP
    BALA CYNWYD, Pa., April 24 /PRNewswire Interactive News Release/ -- The
 following statement was issued today by the law firm of Schiffrin & Barroway,
 LLP:
 
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of New York, located at
 500 Pearl Street, New York, NY 10007, on behalf of all purchasers of the
 common stock of Opus360 Corp. ("Opus" or the "Company") (Nasdaq: OPUS) at or
 traceable to, Opus' April 7, 2000 initial public offering ("IPO") and through
 March 20, 2001, inclusive (the "Class Period").
     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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges Opus360 and certain of its officers and directors
 with issuing false and misleading statements regarding its business and
 financial condition.  On April 7, 2000, Opus commenced an IPO of 7 million of
 its shares of common stock at an offering price of $10 per share.  In
 addition, Safeguard Scientifics, Inc., and CompuCom Systems, Inc., together
 sold 700,000 shares of Opus common stock at $10 per share on April 7, 2000.
 The complaint alleges that defendants failed to disclose, among other things,
 that: (i) OPUS XCHANGE, a product that the Prospectus touted as a
 sophisticated professional matching and project management software system,
 was fatally flawed and could not perform many of the functions detailed in the
 Prospectus; and (ii) that Opus had no basis for stating that the funds earned
 from the IPO would suffice to fund its aggressive expansion plan for at least
 12 months following the IPO without additional financing.  However, on
 March 20, 2001, Opus filed its financial results for the year 2000 with the
 SEC, on Form 10-K.  The 10-K contained a letter from KPMG, LLP, Opus' outside
 auditors, which revealed that there was a substantial doubt about Opus'
 ability to continue as a going concern.  Opus' common stock closed at $0.13
 per share on April 20, 2001 -- a 98% decrease from the IPO price of $10 per
 share.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 18, 2001, 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.
 
      CONTACT:  Schiffrin & Barroway, LLP
                Marc A. Topaz, Esq.
                Stuart L. Berman, Esq.
                Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
                1-888-299-7706 (toll free) or 1-610-667-7706
                Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X85308728
 
 SOURCE  Schiffrin & Barroway, LLP