| Company: | salesforce.com, inc. |
| Ticker Symbol: | NYSE: CRM |
| Class Period: | June 21, 2004 to July 21, 2004 |
| Date Filed: | Jul-29-04 |
| Lead Plaintiff Deadline: | Sep-24-04 |
| Court: | Eastern District, NC |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Eastern District of North Carolina on behalf of all purchasers securities of salesforce.com, inc. (NYSE: CRM, "salesforce" or the "Company") from June 21, 2004 through July 21, 2004, inclusive (the "Class Period").
The complaint charges that salesforce, Marc R. Benioff, and Steve Cakebread violated 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) that the Company knew or recklessly disregarded the fact that its revenues and earnings per share were steadily declining; (2) that the defendants concealed the aforementioned facts from the investing public in order to boost the price of the I.P.O., which netted the Company $126 million; and (3) and that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's growth and progress.
On July 21, 2004, salesforce warned that profit and revenue for the full year will be lower than expected, and the stock promptly plunged. Shares of salesforce fell $4.36 per share or 27.15 percent, on July 21, 2004, to close at $11.70 per share.
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 salesforce, Marc R. Benioff, and Steve Cakebread violated 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) that the Company knew or recklessly disregarded the fact that its revenues and earnings per share were steadily declining; (2) that the defendants concealed the aforementioned facts from the investing public in order to boost the price of the I.P.O., which netted the Company $126 million; and (3) and that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's growth and progress.
On July 21, 2004, salesforce warned that profit and revenue for the full year will be lower than expected, and the stock promptly plunged. Shares of salesforce fell $4.36 per share or 27.15 percent, on July 21, 2004, to close at $11.70 per share.
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.
