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Case ID: 3453 | Stocks | 06/07/2004
Several class actions have been filed against business intelligence solutions provider Business Objects SA (Nasdaq:BOBJ) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003, and April 30, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that the defendants actively concealed the following information from the investing public: Business Objects’ integration of its Crystal Decisions acquisition was a disaster and the defendants were struggling to hide the integration problems in order to save face; Many of the company’s customers and partners were confused about the synchronization of pricing and new solution bundles and delayed their purchases, or were starting to do business with Business Objects’ competition instead; The company was internally projecting poor demand for its Enterprise 6 products; Accounts were showing a material drop in European orders and also a losing significant sales to Microsoft and Cognos; The company’s software license revenue growth was not as robust as the defendants projected for the first quarter of 2004-- in fact, half of the gain ($13 million) was attributable to currency gains associated with the Euro versus the dollar; The acquisition costs of Crystal Decisions far exceeded the company’s projections, resulting in an erosion of Business Objects’ growth margins; and The company’s balance in deferred revenue was inflated due to manipulations in the deferred revenue balance of Crystal Decisions upon acquisition. On April 30, 2004, shares of Business Objects plunged as much as 22% after its first-quarter profit fell, coming in at the lower end of its target range and missing analyst forecasts. Then on May 5, 2004, it reported that the Securities and Exchange Commission was looking into the company’s “practices with respect to backlog.” If you purchased securities issued by Business Objects during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by August 2, 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 your claim is typical of the claims of other class members, and that you 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 affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Mamma.com Inc. (NasdaqSC:MAMA), and certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2004 and February 16, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Mercury Interactive Corporation (MERQE), certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 2003 and July 5, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action lawsuit has been filed in U.S. District Court for the Northern District of California against Infineon Technologies, AG. The case involves violations of federal securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. The parties have reached a tentative $21 million settlement in a class action filed against the Morrison Knudsen Savings Plan, the Morrison Knudsen Corporation Employee Stock Ownership Plan, other various corporate defendants, and 29 individual defendants on behalf of all current and former participants of the Savings Plan who held shares of Morrison Knudsen stock in their savings plan accounts on or after July 19, 1994, and all individuals who were participants of the Morrison Knudsen Employee Stock Ownership Plan on or after July 19, 1994. The settlement notice does not indicate a claims deadline— persons eligible to take part in the settlement should contact the attorneys for the class for more information. Argosy Gaming Company shareholders have filed a class action suit against the company, its chairman and board members, claiming an announced merger with Penn National Gaming Co. does not adequately compensate shareholders given the company's "stellar third quarter 2004 financial results." According to the suit the defendants breached their fiduciary duty by not representing the full value of Argosy. A recent financial report showed that Argosy's earnings had risen substantially over the previous year. Earnings per share were 71 cents, up from 56 cents last year. Argosy's net income also rose from $38.1 million during last year's third quarter report to $43.7 million in the same reporting period this year. "Argosy shareholders will, if the transaction is cosummated, be deprived of the opportunity for substantial gains which the Company may realize," according to the suit. The parties have reached a $10 million settlement in an SEC enforcement action filed against Gemstar-TV Guide International, Inc., (Nasdaq:GMST) on behalf of stockholders who purchased the company's common stock between 1999 and 2002. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. |
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