| Company: | Siebel Systems, Inc. |
| Ticker Symbol: | NASD: SEBL |
| Class Period: | October 1, 2001 to July 17, 2002 |
| Court: | Northern District, CA |
| Date Filed: | Mar-12-04 |
| Lead Plaintiff Deadline: | May-10-04 |
| Allegations: |
A class action lawsuit, numbered 04cv0983, was commenced in the United States District Court for the Northern District of California against defendants, SIEBEL SYSTEMS, INC. (Nasdaq:SEBL) and Thomas M. Siebel -- Chairman and CEO, Kenneth A. Goldman -- Senior Vice President and CFO and R. David Schmaier -- Executive Vice President, on behalf of all persons who purchased the common stock of Siebel Systems, Inc. ("Siebel" or the "Company") between October 1, 2001 and July 17, 2002 (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The case has been assigned to the Honorable Charles R. Breyer.
The Complaint alleges that defendants violated the Exchange Act by issuing material misrepresentations between October 1, 2001 and July 17, 2002, artificially inflating the price of Siebel Systems shares. More specifically, the Company misrepresented that its business and future prospects by overstating customer acceptance of its new product offerings -- including Siebel 7 CRM -- and failed to disclose that "independent" Customer Satisfaction Surveys which persuaded investors that a vast majority of the Company's customers would purchase products from the Company in the future were in fact carried out by an affiliated company and could not be relied upon.
On July 17, 2002, the last day of the class period, Siebel announced its second quarter June 30, 2002 earnings reporting a precipitous drop in revenues of more than 15% and a 33% shortfall in earnings compared to consensus analyst forecasts. The Company also confirmed the continuing slide I demand for Siebel Systems' products by slashing revenue forecasts for the remainder of 2002 by an additional 25% -- or $600,000,000 below guidance provided by defendants just six months prior. In unusually heavy volume of 65 million shares traded, Siebel Systems share prices dropped $2.13 on July 18 to close at $9.61.
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 alleges that defendants violated the Exchange Act by issuing material misrepresentations between October 1, 2001 and July 17, 2002, artificially inflating the price of Siebel Systems shares. More specifically, the Company misrepresented that its business and future prospects by overstating customer acceptance of its new product offerings -- including Siebel 7 CRM -- and failed to disclose that "independent" Customer Satisfaction Surveys which persuaded investors that a vast majority of the Company's customers would purchase products from the Company in the future were in fact carried out by an affiliated company and could not be relied upon.
On July 17, 2002, the last day of the class period, Siebel announced its second quarter June 30, 2002 earnings reporting a precipitous drop in revenues of more than 15% and a 33% shortfall in earnings compared to consensus analyst forecasts. The Company also confirmed the continuing slide I demand for Siebel Systems' products by slashing revenue forecasts for the remainder of 2002 by an additional 25% -- or $600,000,000 below guidance provided by defendants just six months prior. In unusually heavy volume of 65 million shares traded, Siebel Systems share prices dropped $2.13 on July 18 to close at $9.61.
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.
