Hoffman & Edelson, LLC Announces Class Action Suit Against Citrix Systems, Inc

Business Wire, June 21, 2000

Business Editors/Legal Writers

DOYLESTOWN, Pa.--(BUSINESS WIRE)--June 21, 2000

The law firm of Hoffman & Edelson, LLC announces that a class action lawsuit was filed on June 19, 2000, on behalf of purchasers of the securities of Citrix Systems, Inc. ("Citrix" or the "Company") (NASDAQ: CTXS) between October 18, 1999, and June 9, 2000, inclusive.

The action, numbered 00-6835, is pending in the United States District Court for the Southern District of Florida, against defendants Citrix, Mark B. Templeton, John P. Cunningham (Chief Financial Officer), and Edward E. Iacobbucci (Chairman of the Board).

The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereby, by issuing a series of material misrepresentations to the market between October 18, 1999, and June 9, 2000. For example, on April 19, 2000, defendants reported record operating results for its first fiscal quarter of 2000, and stated that its results were fueled by the release of three new products, key acquisitions of companies in Asia which expanded its market, and the launching of an advertising campaign to raise its market visibility. In fact, the Company knew, or was reckless in disregarding that its market had shifted to a different type of program delivery and installation system that the Company was then offering, that its gross margins were declining, and that its sales in the Asian market were decreasing. When the Company announced, on June 12, 2000, that its second quarter 2000 financial results would be dramatically lower than the market had been led to believe, due to, among other things, poor overall sales attributable to a market shift towards an electronic delivery of programs and upgrades, and particularly poor sales in its Asian market, the price of Citrix common stock dropped by 48%.

If you bought the securities of Citrix between October 18, 1999, and June 12, 2000, you may, no later than August 14, 2000, request that the Court appoint you as lead plaintiff. 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. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Hoffman & Edelson, LLC, or other counsel of your choice, to serve as counsel in this action.

Hoffman & Edelson, LLC represents individuals and business entities in consumer, antitrust and securities fraud litigation.

If you wish to discuss this action or have any questions, please contact Marc H. Edelson or Jerold B. Hoffman at Hoffman & Edelson, LLC, 45 W. Court Street, Doylestown, PA 18901 at 877-537-6532 (toll free), fax number 215-230-8735 or by e-mail at Hofedlaw@aol.com.