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Case ID: 4274 | Stocks | 04/18/2005
A class action has been filed against WatchGuard Technologies, Inc. (NasdaqNM:WGRD), certain of its officers and directors by stockholders who purchased the company's common stock between February 12, 2004 and March 15, 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.
According to a press release dated April 8, 2005 the complaint charges WatchGuard and certain of its officers and directors with violations of the Securities Exchange Act of 1934. WatchGuard provides Internet security solutions designed to protect small to medium-sized enterprises that use the Internet for e-commerce and secure communications. Specifically, the complaint alleges that during the Class Period, defendants caused WatchGuard’s shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, the Company’s FY 2004 revenues were overstated. Further, on or around March 15, 2005, the Company announced that it was delaying its Q4 2004 and FY 2004 earnings call, would file a Notification of Late Filing with the SEC with respect to its annual report on Form 10-K and that it was restating its financial results for FY 2004. On this news, the stock fell below $3 per share. The complaint specifically alleges that the true facts, which were known by the defendants during the Class Period but concealed from the investing public, were as follows: (a) the Company’s Q1-Q3 2004 reported financial results were materially false and misleading due to: (i) inaccurate income statement classification of early pay incentive discounts taken by customers; (ii) under-accrual of customer rebate obligations; and (iii) timing of revenue recognition associated with specific products and services (resulting from an overstatement of product revenue and an understatement of deferred revenue); (b) the Company’s February 12, 2004 projections were materially false and misleading; (c) the functionality and value of the Company’s “Firebox X” product was grossly overstated and this product did not materially or accurately improve the Company’s gross margins, streamline the Company’s management or otherwise reduce its reliance on custom components; and (d) contrary to defendants’ statements, the Firebox X was not tracking as defendants claimed. If you bought WatchGuard Technologies, Inc. securities between February 12, 2004 and March 15, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. 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 Market timing scandals are sweeping the marketplace. Several class actions have been filed against the Excelsior family of funds (various stock symbols) by stockholders who purchased the company's common stock between December 12, 1998, and November 16, 2003. The actions claim that the defendants violated federal securities laws by allowing certain persons and entities to engage in timed trading in the shares of the funds, in violation of federal securities laws. Several class actions have been filed against Spanish-language television production company TV Azteca, S.A. de C.V. (NYSE:TZA) and certain of its officers and directors by stockholders who purchased the company's common stock between October 6, 2003, and January 7, 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 biotechnology company Biopure Corporation (Nasdaq:BPUR) and certain of its officers and directors by stockholders who purchased the company's common stock between March 17, 2003, and December 24, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations regarding Biopure’s blood replacement product to the market over this time period, thereby artificially inflating the price of the company's securities. According to a press release dated March 19, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from TD Ameritrade Holding Corporation and TD Ameritrade, Inc., formerly known as TD Waterhouse Investor Services, Inc. during the Class Period and who continued to hold such securities as of February 13, 2008. 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.
Several class actions have been filed against insurance provider The St. Paul Travelers Companies, Inc., and certain of its officers and directors on behalf of all Travelers Property Casualty Corporation Class A and Class B shareholders (formerly NYSE: TAP.A, TAP.B) whose shares of Travelers were automatically exchanged for shares of The St. Paul Travelers Companies, Inc., on or about April 1, 2004, and also on behalf of all purchasers of the common stock of the St. Paul Travelers Companies, Inc. (NYSE: STA), between April 2, 2004, and August 5, 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. |
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