Shareholder Class Action Filed Against The Reynolds & Reynolds Company by the Law Firm of Schiffrin & Barroway, LLP

BALA CYNWYD, Pa., July 22 -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Ohio on behalf of all purchasers of securities of The Reynolds & Reynolds Company ("Reynolds" or the "Company") from January 22, 2003 through June 24, 2004 inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges Reynolds, Lloyd G. Waterhouse, and Dale L. Medford with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company knew or recklessly disregarded the fact that market demand for the Company's cutting edge products, such as Reynolds Generation Series, was lackluster; (2) that as a consequence of the foregoing, the Company's strategy for growth was seriously flawed as the Company was forced to expend additional resources to pitch new products to unwilling customers, while neglecting the marketing of its more conventional revenue-producing products; and (3) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and their earnings projections.

On June 24, 2004, Reynolds announced that it anticipated revenues and earnings would be lower than its previous estimates when the Company reported results for its third fiscal quarter on July 21, 2004. News of this shocked the market. Shares of Reynolds fell $7.28 per share or 23.81 percent, on June 25, 2004, to close at $23.30 per share. On July 7, 2004, Reynolds announced that CEO, Chairman and President Lloyd "Buzz" Waterhouse had resigned from the Company and its board of directors, effective immediately. On the news shares of Reynolds plummeted further. Shares of Reynolds fell a further $.83 per share or 3.63 percent, on July 7, 2004, to close at $22.12 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.

If you are a member of the class described above, you may, not later than September 20, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.