Kaplan, Fox & Kilsheimer, LLP > Firm Details

New York
850 Third Avenue, 
New York City, New York - 10022



http://www.kaplanfox.com



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Kaplan Fox Seeks to Recover Losses for Investors Who Purchased ProQuest Company Common Stock

04-03-2006

Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Eastern District of Michigan against ProQuest Company (“ProQuest” or the “Company”) (NYSE: PQE) and certain of its officers and directors, on behalf of all persons or entities who purchased the publicly traded common stock of ProQuest between February 13, 2003 and February 8, 2006 (the “Class Period”).

The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publicly issuing a series of false and misleading statements regarding the Company’s business and financial prospects, thus causing ProQuest’s shares to trade at artificially inflated prices.

In particular, the complaint alleges that on February 9, 2006, prior to the market opening, the Company issued a press release titled ""ProQuest Company to Restate Historical Financial Statements."" The press release stated in part that “during a review related to its internal controls assessment required by the Sarbanes-Oxley Act of 2002, the company discovered material irregularities in its accounting. As a result, the company intends to restate certain of its previously issued financial statements . . . Based upon its initial findings, the company believes that its deferred income and accrued royalty accounts are materially understated in previously issued financial statements. It also believes that its prepaid royalty account is materially overstated. It anticipates that as a result it will be required to recognize amounts of royalty and other expenses as well as reduce a portion of revenues previously reported for its Information and Learning business, the effect of which will materially reduce earnings from continuing operations for many of the affected periods.”

The complaint alleges that the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were that the Company’s financial statements: 1) were materially misstated due to its failure to properly defer income and royalty payments and its improper capitalization of royalty expenses; and 2) were not prepared in accordance with generally accepted accounting principles (“GAAP”).

Following the Company’s disclosures on February 9, 2006, ProQuest’s stock declined from $29.41 per share to close at $24.19 per share, a decline of $5.22 per share or approximately 18%, on heavier than usual volume.

If you are a member of the proposed Class, you may move the court no later than April 11, 2006 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

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Kaplan Fox Seeks to Recover Losses for Investors Who Purchased H&R Block, Inc. Securities

03-21-2006

Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Western District of Missouri against H&R Block, Inc. (“HRB” or the “Company”) (NYSE: HRB) and certain of its officers and directors, on behalf of all persons or entities who purchased the publicly traded securities of HRB between June 12, 2002 and March 15, 2006 (the “Class Period”).

The complaint alleges that during the Class Period, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publicly issuing a series of false and misleading statements regarding the Company’s business and financial prospects, thus causing HRB’’s shares to trade at artificially inflated prices.

In particular, the complaint alleges that the true facts, which were known by each of the defendants, but concealed from the investing public during the Class Period, were as follows: (a) HRB knowingly engaged in fraudulent business practices by steering low and middle-income customers to its Express IRA – a retirement account in which most customers have lost money because the Express IRA’s fees exceeded the return on interest earned on the account; (b) HRB marketed the Express IRA in a fraudulent manner by, for example, failing to adequately disclose fees; and (c) HRB failed: (1) to adequately disclose that the Express IRA earned a negative rate of return because of fees, but instead, falsely described the rate as “great” and the account as a “better way to save”; (2) to adequately disclose the fees associated with the Express IRA in a format comprehensible to customers and falsely claimed fees were lower than they in fact were; (3) to inform customers that the value of their accounts would decline over time unless they made large and continuing contributions to the Express IRA because the fees far exceeded the low rate of return; and (4) to disclose the tax consequences and penalties associated with early withdrawal of funds from the Express IRA. In addition, the complaint alleges that during the Class Period, the Company experienced material weaknesses in internal controls relating accounting for state income taxes and HRB has disclosed that it would have to restate its financial statements for the fiscal years-ended April 30, 2004 and April 30, 2005 because HRB understated its state income taxes by at least $32 million.

The complaint alleges that after the truth about HRB began to be revealed on February 23, 2006, HRB’s stock price declined from $25.19 per share to $20.63 per share, a decline of approximately 16%.

If you are a member of the proposed Class, you may move the court no later than May 16, 2006 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

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