Green & Jigarjian Announces Class Action Lawsuit On Behalf of Investors in Portal Software, Inc.

SAN FRANCISCO--(PRWEB)--Nov. 24, 2003--The Law Firm of Green & Jigarjian LLP announced today that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors who purchased the securities of Portal Software, Inc. between May 20, 2003 and November 13, 2003. A copy of the complaint filed in this action is available from the Court, or can be obtained from Green & Jigarjian LLP.

The Complaint alleges that defendants violated Sections 10 (PRWEB) November 26, 2003 -5 promulgated thereunder, by issuing a series of material misrepresentations to the market between May 20, 2003 and November 13, 2003, thereby artificially inflating the price of Portal common stock. The Complaint alleges that defendants issued numerous public statements concerning Portal's revenue growth, product and marketing initiatives, and increasing revenues and profits while failing to disclose that demand for the Company's products was materially declining. Prior to the disclosure of this adverse information to the market, the Company completed a public offering of Portal common stock raising over $56 million in net proceeds and the Individual Defendants sold personal holdings of Portal common stock to the unsuspecting public reaping proceeds of more than $4.8 million.

If you purchased securities of Portal Software, between May 20, 2003 and November 13, 2003 and sustained damages, you may request that the Court appoint you as lead plaintiff, but you must do so no later than January 19, 2004. 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. You may retain Green & Jigarjian LLP, or other counsel of your choice, to serve as your counsel in this action.

Green & Jigarjian LLP is a San Francisco law firm that handles class actions and complex litigation. To learn more about our firm, visit us on the web at www.classcounsel.com. If you are an investor in the securities of Portal Software, Inc. and 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 attorney:

Robert A. Jigarjian, Esq.
235 Pine Street, 15th Floor
San Francisco, CA 94104
telephone: (415) 477-6700
email: prsf@classcounsel.com