Shareholder Class Action Filed Against Opus360 Corp. By the Law Firm of Wechsler Harwood Halebian & Feffer LLP

Apr 27, 2001, 01:00 ET from Wechsler Harwood Halebian & Feffer LLP

    NEW YORK, April 27 /PRNewswire/ -- The following statement was issued
 today by the law firm of Wechsler Harwood Halebian & Feffer 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").
     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 Wechsler Harwood Halebian & Feffer LLP, which
 has significant experience and expertise prosecuting class actions on behalf
 of investors and shareholders.
     If you are a member of the Class described above, and if you meet certain
 other legal requirements, you may, no later than June 12, 2001, move the Court
 to serve as a 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."  The
 requirements for serving as a lead plaintiff are set forth in the Private
 Securities Litigation Reform Act of 1995 (15 U.S.C. S 78u-4).  Please note,
 however, that class members need not seek appointment as lead plaintiff in
 order to share in any recovery resulting from this litigation.
 
     Wechsler Harwood Halebian & Feffer LLP has taken a leading role in many
 important actions on behalf of defrauded shareholders. The Wechsler Harwood
 Halebian & Feffer LLP website (http://www.whhf.com) has more information about
 the firm.
     If you wish to discuss this action with us, or have any questions
 concerning this notice or your rights and interests with regard to the case,
 please contact the following:
 
     Wechsler Harwood Halebian & Feffer LLP
     488 Madison Avenue 8th Floor
     New York, NY 10022
     Phone: 877-935-7400 (Toll Free)
 
     Patricia Guiteau
     Shareholder Relations Department
     pguiteau@whhf.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X92792566
 
 

SOURCE Wechsler Harwood Halebian & Feffer LLP
    NEW YORK, April 27 /PRNewswire/ -- The following statement was issued
 today by the law firm of Wechsler Harwood Halebian & Feffer 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").
     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 Wechsler Harwood Halebian & Feffer LLP, which
 has significant experience and expertise prosecuting class actions on behalf
 of investors and shareholders.
     If you are a member of the Class described above, and if you meet certain
 other legal requirements, you may, no later than June 12, 2001, move the Court
 to serve as a 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."  The
 requirements for serving as a lead plaintiff are set forth in the Private
 Securities Litigation Reform Act of 1995 (15 U.S.C. S 78u-4).  Please note,
 however, that class members need not seek appointment as lead plaintiff in
 order to share in any recovery resulting from this litigation.
 
     Wechsler Harwood Halebian & Feffer LLP has taken a leading role in many
 important actions on behalf of defrauded shareholders. The Wechsler Harwood
 Halebian & Feffer LLP website (http://www.whhf.com) has more information about
 the firm.
     If you wish to discuss this action with us, or have any questions
 concerning this notice or your rights and interests with regard to the case,
 please contact the following:
 
     Wechsler Harwood Halebian & Feffer LLP
     488 Madison Avenue 8th Floor
     New York, NY 10022
     Phone: 877-935-7400 (Toll Free)
 
     Patricia Guiteau
     Shareholder Relations Department
     pguiteau@whhf.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X92792566
 
 SOURCE  Wechsler Harwood Halebian & Feffer LLP