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Case ID: 3559 | Stocks | 07/20/2004
Several class actions have been filed against enterprise incentive management software company Callidus Software, Inc., (Nasdaq:CALD) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2003, and June 23, 2004, including those who acquired their shares pursuant to the company’s November 2003 initial public offering. 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.
According to the lawsuit, the defendants knew but concealed from the public the following adverse facts: (1) Callidus’ financials were suffering at the time of the IPO due to competition from established enterprise software vendors, including Siebel, and established ERP vendors, such as SAP, who could bundle their EIM offerings with other software products and therefore compete more aggressively on prices; (2) prior to the company’s IPO, the company’s license revenues business segment was experiencing an undisclosed material adverse trend; (3) as a result of the company experiencing its severe adverse trend in license revenue, its service revenue would be materially and adversely impacted for future quarters; (4) the company’s barometer for its sales forecasts was its 18 quota-carrying sales representatives who were actually failing miserably to meet their unrealistic quotas; and (5) prior to the IPO, Callidus had planned on bringing its Cezanne software team “in-house,” which plans would dramatically impact company earnings per share in future quarters. On June 24, 2004, before the market opened, Callidus issued a press release announcing that the company’s chairman and chief executive resigned, and it warned that second-quarter and full-year results would not meet its financial targets. On this news, Callidus shares fell to $5.01 per share, well below the class period high, and even the IPO price. If you purchased securities issued by Callidus Software during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by September 6, 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 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 American International Group, Inc. (AIG) (NYSE:AIG), certain of its officers and directors by stockholders who purchased the company's common stock between October 01, 1999 and March 30, 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 Ramp Corporation (RCOCQ.OB), certain of its officers and directors by stockholders who purchased the company's common stock between April 14, 2004 and May 20, 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. Internet service companies are more necessary than ever in today’s high-tech economy. 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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 Constar International Inc. (Nasdaq: CNST), a global producer of polyethylene terephthalate (PET) plastic containers for food and beverages, and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to Constar's November 2002 Initial Public Offering.
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