| Company: | Callidus Software, Inc. |
| Ticker Symbol: | NASD: CALD |
| Class Period: | November 19, 2003 to June 23, 2004 |
| Date Filed: | Jul-08-04 |
| Lead Plaintiff Deadline: | Sep-07-04 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of Callidus Software, Inc. (Nasdaq: CALD "Callidus" or the "Company") from November 19, 2003 through June 23, 2004, inclusive (the "Class Period").
The complaint charges Callidus, Michael A. Braun, Ronald J. Fior, Reed D. Taussig, John R. Eickhoff, R. David Spreng, Terry L. Opnendyk and George B. James with violations of the Securities Exchange Act of 1934. 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) the Company's 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) in the Company's license revenues, the Company was, prior to the Company's IPO, experiencing a material adverse trend in this business segment; (3) as a result of the Company experiencing a severe adverse trend in "license" revenue, the Company's future "service" revenue would be materially and adversely impacted for future quarters; (4) the Company used as a barometer for its sales forecasts its 18 quota-carrying sales representatives who were severely behind on hitting their unrealistic quotas; and (5) prior to the IPO, the Company had planned on bringing its Cezanne software team "in-house," which would dramatically impact the Company's earnings per share in future quarters.
On June 24, 2004, before the market opened, the Company 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 . . . financial targets." On this news the Company's shares fell to $5.01 per share, well below the Class Period high and even the IPO price.
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 Callidus, Michael A. Braun, Ronald J. Fior, Reed D. Taussig, John R. Eickhoff, R. David Spreng, Terry L. Opnendyk and George B. James with violations of the Securities Exchange Act of 1934. 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) the Company's 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) in the Company's license revenues, the Company was, prior to the Company's IPO, experiencing a material adverse trend in this business segment; (3) as a result of the Company experiencing a severe adverse trend in "license" revenue, the Company's future "service" revenue would be materially and adversely impacted for future quarters; (4) the Company used as a barometer for its sales forecasts its 18 quota-carrying sales representatives who were severely behind on hitting their unrealistic quotas; and (5) prior to the IPO, the Company had planned on bringing its Cezanne software team "in-house," which would dramatically impact the Company's earnings per share in future quarters.
On June 24, 2004, before the market opened, the Company 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 . . . financial targets." On this news the Company's shares fell to $5.01 per share, well below the Class Period high and even the IPO price.
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.
