Wolf Popper LLP Files Securities Fraud Class Action Against Majesco Entertainment Company NEW YORK, July 27 /PRNewswire/ -- Wolf Popper LLP has filed a securities fraud lawsuit against Majesco Entertainment Company ("Majesco") (NasdaqNM: "COOL") and certain of its officers and directors, on behalf of all persons who purchased Majesco securities on the open market during the period December 8, 2004 through July 12, 2005. The action was filed in the United States District Court, District of New Jersey. The complaint can be obtained from the Court or viewed on Wolf Popper's website (http://www.wolfpopper.com/). The complaint alleges that during the Class Period, defendants caused Majesco to issue numerous press releases and file quarterly and annual report with the SEC, touting that the Company's sales for year 2005 expected to bring in $175-185 million in revenue and operating income of $16-18 million, and repeatedly discussing the introduction of new products such as popular frontline video games and wireless plug and play gadgets. However, unbeknownst to the market, Majesco was facing weaker than expected sales across all product lines, high retail inventory levels, a steep decline in demand for its products, and a write-down of receivables as a result of a financially troubled customer. On July 12, 2005, Majesco stunned the market when it finally revealed its true financial condition, informing investors that it had to lower its previous guidance on fiscal 2005 earnings by more than 200%, from an operating income of $16-18 million to an operating loss of $16-19 million. In immediate reaction to the July 12, 2005 announcement, Majesco's common stock plummeted 48% to $3.56, on a trading volume of 19,070,308, from its closing price of $6.89 on July 12, 2005, and a trading volume of 901,051. Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded shareholders. Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than September 16, 2005. Class members who are interested in serving as a lead plaintiff in this action, or other persons who have questions or information regarding the prosecution of this action, are urged to call or write: Emily DeMuro, Investor Relations () or James Kelly- Kowlowitz, Esq. () * Wolf Popper LLP * 845 Third Avenue * New York * NY * 10022 Tel.:212.759.4600 * Toll Free:877.370.7703 * Fax:212.486.2093 * Toll Free Fax:877.370.7704 Email: Contact: Wolf Popper LLP Emily DeMuro, Investor Relations 212.451.9610 Doc#: 148796 Ver#:1 9730:0294 DATASOURCE: Wolf Popper LLP CONTACT: Emily DeMuro, Investor Relations, of Wolf Popper LLP, +1-212-451-9610 Web site: http://www.wolfpopper.com/

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