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Case ID: 3582 | Stocks | 05/25/2006
Several class actions have been filed against storage software designer Veritas Software Corporation (Nasdaq:VRTS) and certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2004, and July 6, 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 lawsuit alleges that, during the class period, the defendants recklessly disregarded the fact that although Veritas was involved in negotiations for significant contracts, those negotiations had not advanced far enough to reasonably conclude they would close. Despite the defendants having no reasonable basis to do so, they allegedly caused the company to confirm expectations that its revenue for second-quarter 2004 would be $490 to $505 million and earnings per share for the quarter would be $0.21 to $0.23. The action also alleges that the defendants confirmed these earnings expectations without reasonable basis in order to maintain the company's share price and avoid the negative fallout that would occur as a result of an accurate disclosure of its contractual prospects and financial condition. On July 6, 2004, the defendants shocked the market by announcing that Veritas’ second quarter 2004 revenues would actually be 'in the range of $475 million to $485 million' and that its GAAP earnings per share would, in fact, 'be in the range of $0.17 to $0.19.' As a result of this news, the company's share price plunged from $26.55 to $17.00, or 36% in heavy trading volume. If you purchased securities issued by Veritas 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 Several class actions have been filed against onshore oil well services company Key Energy Services, Inc., (NYSE:KEG) and certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2003, and June 4, 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. Several class actions have been filed against software provider Nassda Corporation (Nasdaq:NSDA) and certain of its officers and directors by stockholders who purchased the company's common stock between December 13, 2001, and June 11, 2004, including those who acquired their shares pursuant to its 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.
On February 25, 2008, several motions to dismiss for lack of jurisdiction by certain individuals were filed. A motion for leave to file a first amended class action complaint and incorporate memorandum of law by certain individuals were filed on April 25, 2008. On May 27, 2008, the Court entered the Order signed by Judge Gregory A. Presnell denying as moot motions to dismiss for lack of jurisdiction and granting in part and denying in part motion for leave to file a First Amended Class Action Complaint.
A class action has been filed against biopharmaceutical company CV Therapeutics, Inc. (Nasdaq: CVTX) and certain of its officers and directors by stockholders who purchased the company's common stock between May 14 and August 1, 2003.
On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
Several class actions have been filed against on-line education provider Apollo Group, Inc. (Nasdaq: APOL) parent company of the nation's oldest and best known distance learning institution, the University of Phoenix online. The suit also names certain of Apollo's officers and directors. It is brought by stockholders who purchased the company's common stock between March 12, 2004 and September 14, 2004. 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. |
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