MURRAY, FRANK & SAILER LLP ANNOUNCES CLASS ACTION AGAINST VERITAS SOFTWARE CORPORATION ON BEHALF OF SHAREHOLDERS -- VRTS
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NEW YORK (PrimeZone) July 30, 2004
Murray, Frank & Sailer LLP announces that a class action lawsuit has been filed on behalf of all persons who purchased the publicly traded securities of Veritas Software Corporation (Nasdaq: VRTS; "Veritas") between April 21, 2004 and July 6, 2004, inclusive (the "Class Period").
The Complaint alleges that Veritas, and certain of its officers and directors issued materially false statements concerning the Company's business condition. Specifically, defendants knew or recklessly disregarded the fact that negotiations for significant contracts had not advanced far enough to reasonably conclude they would close. Nevertheless, defendants confirmed expectations that 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. According to the complaint, Defendants confirmation of these earnings expectations were lacking in reasonable basis and were made in order to maintain the Company's share price and avoid the negative fallout that would occur as a result of an accurate disclosure of Veritas' contractual prospects and financial condition.
On July 6, 2004, the Defendants announced that Veritas' 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." On this news, Veritas' share price plunged from $26.55 to $17.00, a drop of 36%.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or acquired shares of Veritas between April 21, 2004 and July 6, 2004, inclusive, and sustained damages, you may, no later than September 7, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
MURRAY, FRANK & SAILER
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]