No less than four class action lawsuits have been filed in various federal courts this week against software developer Aspen Technologies. The filings are a reaction to the October 29, 2004 announcement from AspenTech that federal prosecutors have launched a probe into the company's accounting practices between 2000 and 2002.
At this time, none of the four lawsuits have a lead plaintiff, which means the firms are using the filing process to seek aggrieved shareholders to represent.
AspenTech stock (AZPNE) closed today at 6.05, up a fraction for the day. Since January 2004, the price of AspenTech stock has fallen by half.
Press Release