Cadence Design Systems faces lawsuit for securities fraud

Hagens Berman Sobol Shapiro LLP filed alwsuit against Cadence Design Systems (NASDAQ:CDNS) for alleged securities fraud. The lawsuit represents those who purchased Cadence stock from April 23, 2008 until Oct. 22, 2008. If you invested in Cadence stock and would like more information, you may contact HBSS counsel at cdns@hbsslaw.com or 510-725-3000.

Trouble began for Cadence and stockholders in October 2008 as company shares significantly dropped after Cadence announced the resignation of key executive officers and a delay in third-quarter financial results. In a statement, Cadence acknowledged it improperly reported $24 million in revenue, an issue the company needed to revisit and reason for the delayed statements. Cadence recently announced that it received a letter from the NASDAQ Stock Market requiring Cadence to submit a plan to regain compliance with NASDAQ reporting requirements by Jan. 19, 2009.

If you invested in Cadence stock between April 23, 2008 and Oct. 22, 2008, you may contact plaintiff’s counsel, Reed Kathrein of Hagens Berman at 510-725-3000 or via e-mail cdns@hbsslaw.com. You can view more information about Cadence and these allegations at https://www.hbsslawsecurities.com/cdns.

Source: Fox Business

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