| Company: | Business Objects S.A. |
| Ticker Symbol: | NASD: BOBJ |
| Class Period: | April 23, 2003 to April 30, 2004 |
| Court: | Southern District, CA |
| Date Filed: | Jun-04-04 |
| Lead Plaintiff Deadline: | Aug-02-04 |
| Allegations: |
A securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Business Objects, S.A. ("Business Objects" or the
"Company") (Nasdaq:BOBJ), between April 23, 2003 and April 30, 2004, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of California.
The complaint charges that defendants Business Objects, Bernard Liautaud, and James Tolonen violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between April 23, 2003 and May 5, 2004, about the Company's financial condition, thereby artificially inflating the price of Business Objects' shares.
More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's integration of Crystal Decisions was actually damaging its financial results, due to struggles with sales team consolidation, product integration and continued customer deferrals, who were delaying spending due to confusion surrounding the synchronization of pricing and new solution bundles; (2) that the Company's market share and demand for the Company's Enterprise 6 products were being eroded by Cognos and Microsoft, as Business Objects was unable to compete with companies who offered more tightly integrated products; and (3) that the Company's financial results were inflated due to improper recognition of deferred revenues, or backlog, from the acquisition of Crystal Decisions.
On April 29, 2004, Business Objects announced results for the first quarter ended March 31, 2004, including the information that the Company's first quarter revenues missed their mark. News of this shocked the market. Shares of Business Objects fell $6.66 or 23.3 percent per share, on April 30, 2004, to close at $21.92. On May 5, 2004, Business Objects, in its quarterly SEC filing, disclosed that the Company was facing an informal inquiry by the SEC related to their practices with respect to backlog. On the news of the SEC investigation, shares of Business Objects fell an additional $.76 or 3.37 percent per share to close at $21.76.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges that defendants Business Objects, Bernard Liautaud, and James Tolonen violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between April 23, 2003 and May 5, 2004, about the Company's financial condition, thereby artificially inflating the price of Business Objects' shares.
More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's integration of Crystal Decisions was actually damaging its financial results, due to struggles with sales team consolidation, product integration and continued customer deferrals, who were delaying spending due to confusion surrounding the synchronization of pricing and new solution bundles; (2) that the Company's market share and demand for the Company's Enterprise 6 products were being eroded by Cognos and Microsoft, as Business Objects was unable to compete with companies who offered more tightly integrated products; and (3) that the Company's financial results were inflated due to improper recognition of deferred revenues, or backlog, from the acquisition of Crystal Decisions.
On April 29, 2004, Business Objects announced results for the first quarter ended March 31, 2004, including the information that the Company's first quarter revenues missed their mark. News of this shocked the market. Shares of Business Objects fell $6.66 or 23.3 percent per share, on April 30, 2004, to close at $21.92. On May 5, 2004, Business Objects, in its quarterly SEC filing, disclosed that the Company was facing an informal inquiry by the SEC related to their practices with respect to backlog. On the news of the SEC investigation, shares of Business Objects fell an additional $.76 or 3.37 percent per share to close at $21.76.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
