MUSEE Micromuse, (MM)

Wolf Haldenstein Announces the Filing of a Class Action Suit Against Micromuse, Inc. and Certain Officers and Directors on Behalf of Investors NEW YORK, Feb. 26 /PRNewswire/ -- The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces thata class action lawsuit was filed on February 24, 2004, on behalf of purchasers of the securities of Micromuse, Inc. ("Micromuse" or the "Company") between January 20, 2000 and December 30, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The action, numbered 03-CV-770, is pending in the United Stated District Court for the Northern District of California, against defendants Micromuse and certain of its senior executive officers. According to the complaint, defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. The complaint alleges that during the Class Period, defendants knowingly or recklessly issued materially false and misleading financial statements that misrepresented the Company's earnings and shareholder equity. During this period, Company insiders sold Micromuse stock for proceeds of approximately $174 million. The Class period ends on December 30, 2003. On that date, the Company announced that filing of its annual report on Form 10-K would be delayed pending completion of an internal inquiry, primarily regarding accounting for accrued expenses and expense recognition, and that the Company expected the inquiry to lead to a restatement of financial results for the fiscal years ending September 20, 2000, 2001, 2002 and 2003. In reaction to this announcement, the price of Micromuse common stock dropped by 12.4%, from a closing price of $6.90 on December 29, 2003, and closed the day down 4% at $6.59 on volume ten times greater than average. If you purchased Micromuse securities during the Class Period, you may request that the Court appoint you as lead plaintiff by March 15, 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices inChicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Betsy C. Manifold, Esq., George Peters, or Derek Behnke), via e-mail at or visit our website at http://www.whafh.com/ . All e-mail correspondence should make reference to Micromuse. DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT: Fred Taylor Isquith, Esq., Betsy C. Manifold, Esq., George Peters, or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP, +1-800-575-0735, or Web site: http://www.whafh.com/

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