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Recent profit warning was unfair according to a leading US law firm...
Schiffrin & Barroway, a leading US law firm specialising in major class-action lawsuits, today heaped further misery on a beleaguered Electronic Arts, by filing a lawsuit against it on behalf of all share purchasers between January 25th 2005 and March 21st 2005.
Coming on top of EAâ??s recent profit warning, the firm alleges that a number of factors leading to the slump in sales were not disclosed to shareholders and led to previous financial expectations without any foundation.
The lawsuit alleges that EA, Lawrence Probst III and Warren Jenson failed to disclose and misrepresent information including the increased competition that EA faced by its competitors and their eroding market share as a result; that hardware shortages were material and that EA continued to suffer from operating margin compression, as a result the suit claims that any statements based about its financial performance were lacking in any reasonable basis.
Weâ??ll have more information soon.
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