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Case ID: 4306 | Stocks | 06/14/2005
A class action has been filed against Tibco Software, Inc. (NasdaqNM:TIBX), certain of its officers and directors by stockholders who purchased the company's common stock between September 21, 2004 and March 01, 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 May 26, 2005, the complaint alleges that defendants' Class Period representations regarding TIBCO were materially false and misleading when made for the following reasons: (i) TIBCO's integration of the Staffware PLC acquisition was not proceeding as well as defendants represented; (ii) that Staffware was performing well below expectations; and (iii) TIBCO did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company's public statements and representations to investors. On March 1, 2005, defendants announced that TIBCO's results for 1Q:F05 were well below guidance. In fact, shares of TIBCO were halted in after-market trading after the Company revealed that preliminary data showed that Q1:F05 revenues would reach well below the FirstCall consensus mean estimates. While defendants had previously stated that the Staffware acquisition was substantially completed and that the integration was proceeding according to plan, defendants now revealed that this was not true and that weakness in Europe and delays in closing deals would result in non-GAAP earnings per share well between consensus mean estimates. During TIBCO's 1Q:F05 conference call, defendant Ranadive revealed that Staffware not only remained unintegrated, but because of integration-related problems, European sales had been paralyzed. The complaint further alleges that on the following day, as shares of TIBCO resumed trading, the Company's stock price declined precipitously, falling from a close of $8.90 per share in regular trading on March 1, 2005, to below $7.00 the following day, on very high trading volume of over 52 million shares. Market commentators stated that the decline would have been worse had TIBCO stock not evidenced an uncharacteristic trading pattern in the days immediately prior to defendants' belated disclosure, which indicated that the negative news may have been leaked to certain investors. If you bought Tibco Software, Inc. securities between September 21, 2004 and March 01, 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 On February 28, 2008, a stipulation and proposed order in regards to consolidating related securities actions was entered. Just as quickly, a motion to appoint lead plaintiff, lead counsel as well as to consolidate cases was filed on March 18, 2008 by several groups and individuals. As a result, the court entered an order on March 27, 2008 to consolidate case 08-CV-1000 under 08-CV-897 for all purposes. As for the appointment of lead plaintiffs and counsels, the court granted the motion filed earlier and entered its order on April 18, 2008.
A class action has been filed against American Tower Corporation (AMT), certain of its officers and directors by stockholders who purchased the company's common stock between February 1, 2006 and May 24, 2006. 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 Sourcecorp Inc. (Nasdaq: SRCP) and certain of its officers and directors by stockholders who purchased the company's common stock between May 7, 2003 and October 27, 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 stockholder seeks to recover compensatory damages for the loss of value of their stock. Mergers often strengthen a corporation, but sometimes hurt stockholders and the public. The class has been certified in an action filed against the Minnesota Corn Processors (MCP) Board of Directors on behalf of all individuals holding MCP Class A shares prior to September 5, 2002, and the who had the right to vote in connection with the 2002 $400 million merger between MCP and Archer Daniels Midland (ADM). The action alleges that the Board hid the fact that they were profiting from the merger illegally while shareholders would only make a fraction of what their shares were worth in the transaction. According to the complaint, as a direct result of the market learning of defendant's misrepresentations and omissions, the price of Lehman Brothers shares declined and plaintiff and the class suffered a loss on their investments in Lehman Brothers. A class action has been filed against Ligand Pharmaceuticals, Inc., a San Diego, CA based biopharmaceutical company (NASDAQ: LGND) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 28, 2003 and August 2, 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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