| Company: | Aspen Technology Inc. |
| Ticker Symbol: | NASD: AZPN |
| Class Period: | February 6, 2006 to September 6, 2006 |
| Date Filed: | Sep-08-06 |
| Lead Plaintiff Deadline: | Nov-07-06 |
| Court: | District, MA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock and other securities of Aspen Technology Inc. ("Aspen Tech" or the "Company") (Nasdaq:AZPN) who purchased during the period from February 6, 2006 through September 6, 2006 (the "Class Period").
The complaint alleges that Aspen Tech and certain of its officers and directors violated the federal securities laws by making false and misleading statements and omissions concerning the backdating of the grant of stock options to management, and the falsification of its financial statements for the years 2002-2005 and the first three quarters of 2006. Aspen Technology had been previously forced to restate its financial statements for the years 2002-2004 in 2005, and the investing public was led to understand such accounting issues were resolved. The practice of manipulating stock option dates not only potentially lines the pockets of the executives, but here resulted in the overstatement of Aspen Tech's earnings between 2002 and 2005 and the under-booking of compensation expenses. Under accounting rules, back-dating an option grant is deemed the payment of additional compensation and must be accounted for as an expense, which Aspen Technology failed to do.
On September 6, 2006, the defendants shocked the market by announcing that the Aspen Technology Inc. would be forced to restate its financial statements to correct for the backdating of stock options, by booking approximately $31 million of additional compensation charges. On this news the Company's share prices declined substantially on greatly increased share volume.
If you acquired the securities of Aspen Technology Inc. during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that Aspen Tech and certain of its officers and directors violated the federal securities laws by making false and misleading statements and omissions concerning the backdating of the grant of stock options to management, and the falsification of its financial statements for the years 2002-2005 and the first three quarters of 2006. Aspen Technology had been previously forced to restate its financial statements for the years 2002-2004 in 2005, and the investing public was led to understand such accounting issues were resolved. The practice of manipulating stock option dates not only potentially lines the pockets of the executives, but here resulted in the overstatement of Aspen Tech's earnings between 2002 and 2005 and the under-booking of compensation expenses. Under accounting rules, back-dating an option grant is deemed the payment of additional compensation and must be accounted for as an expense, which Aspen Technology failed to do.
On September 6, 2006, the defendants shocked the market by announcing that the Aspen Technology Inc. would be forced to restate its financial statements to correct for the backdating of stock options, by booking approximately $31 million of additional compensation charges. On this news the Company's share prices declined substantially on greatly increased share volume.
If you acquired the securities of Aspen Technology Inc. during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
