| Company: | Stellent, Inc. |
| Ticker Symbol: | NASD: STEL |
| Class Period: | October 2, 2001 to April 1, 2002 |
| Court: | District MN |
| Date Filed: | Sep-12-03 |
| Lead Plaintiff Deadline: | Sep-29-03 |
| Allegations: |
The case is pending in the United States District Court for the District of Minnesota against Defendants Stellent, Robert F. Olson, Vernon J. Hanzlik, and Gregg A. Waldon.
The Complaint charges that Stellent and certain of its officers and directors 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 during the Class Period, thereby artificially inflating the price of Stellent securities. Specifically, the Complaint alleges that Defendants improperly reported revenue from affiliates who were financed by Stellent. As a result, Stellent's expected revenue growth was baseless, and Stellent's reported financial results were materially false and misleading throughout the Class Period.
This scheme was revealed at the end of the Class Period when Defendants announced that Stellent's revenues for the quarter ended March 31, 2002 would be almost 50 percent less than it had previously forecasted. In reaction to this news, shares of Stellent fell almost 13% to close at $8.38 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than September 29, 2003, 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.
