| Company: | Veritas Software Corporation, Inc. |
| Ticker Symbol: | NASD: VRTS |
| Class Period: | April 21, 2004 to July 6, 2004 |
| Date Filed: | Aug-02-04 |
| 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 purchasers (the "Class") of Veritas Software Corporation, Inc.'s (Nasdaq:VRTS) securities ("Veritas" or the
"Company") between April 21, 2004 and July 6, 2004, inclusive (the "Class Period"). Veritas is traded on the Nasdaq under the ticker symbol VRTS.
Defendants include Veritas, Edwin G. Gillis and Gary L. Bloom. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5).
The Complaint alleges that during the Class Period, defendants issued materially false statements concerning Veritas' financial condition. Specifically, although the Company was involved in negotiations for significant contracts, defendants knew or recklessly disregarded the fact that those negotiations had not advanced enough to reasonably conclude they would close. Nevertheless, defendants caused the Company to confirm expectations that its revenue for second quarter 2004 would be $490 to $505 million and earnings per share for the quarter would be $0.21 to $0.23.
On July 6, 2004, just three weeks after defendants confirmed their second quarter 2004 expectations, defendants stunned the market by announcing that the Company's second quarter 2004 revenues would actually be "in the range of $475 million to $485 million" and that its GAAP earnings per share would, in fact, "be in the range of $0.17 to $0.19." As a result of this news, the Company's share price plunged from $26.55 to $17.00, or 36% in heavy trading volume.
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.
Defendants include Veritas, Edwin G. Gillis and Gary L. Bloom. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5).
The Complaint alleges that during the Class Period, defendants issued materially false statements concerning Veritas' financial condition. Specifically, although the Company was involved in negotiations for significant contracts, defendants knew or recklessly disregarded the fact that those negotiations had not advanced enough to reasonably conclude they would close. Nevertheless, defendants caused the Company to confirm expectations that its revenue for second quarter 2004 would be $490 to $505 million and earnings per share for the quarter would be $0.21 to $0.23.
On July 6, 2004, just three weeks after defendants confirmed their second quarter 2004 expectations, defendants stunned the market by announcing that the Company's second quarter 2004 revenues would actually be "in the range of $475 million to $485 million" and that its GAAP earnings per share would, in fact, "be in the range of $0.17 to $0.19." As a result of this news, the Company's share price plunged from $26.55 to $17.00, or 36% in heavy trading volume.
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.
