Securities Fraud Lawyer - Aspen Technologies Litigation

Shapiro Haber & Urmy LLP prosecuted an action for  common law fraud  and violation of the Massachusetts Consumer Protection Act (Ch. 93A) against Aspen Technology, Inc. (Aspen) and two of its former officers  on behalf of the seller of a  business to Aspen in exchange for, among other things, Aspen common stock.  The plaintiff relied on representations and warranties  that  Aspen’s financial statements  were truthful and complied with GAAP.  Subsequent to the sale, Aspen restated its financial statements for  a number of  years, including  financial statements that the plaintiff had relied upon, thereby admitting that its prior financial statements  had overstated revenue and net income.   A verdict was entered in favor of defendants following a three week nonjury trial.