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Glancy & Binkow LLP, Representing Shareholders of VERITAS Software Corporation, Announces Update To Shareholder Lawsuit
March 14, 2003 17:42:00 (ET)
LOS ANGELES, Mar 14, 2003 /PRNewswire via COMTEX/ -- Glancy & Binkow LLP -- a law firm representing shareholders of VERITAS Software Corporation -- announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of VERITAS Software Corporation ("VERITAS" or the "Company") (VRTS, Trade) between January 24, 2001 and January 16, 2003, inclusive (the "Class Period"), may move the Court not later than March 24, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com.
The Complaint charges VERITAS and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and misleading statements concerning VERITAS' revenue and earnings caused VERITAS' stock price to become artificially inflated, inflicting damages on investors. VERITAS is a software storage company that provides data protection, storage management and disaster recovery software. The complaint alleges that on January 17, 2003, the Company announced the restatement of its 2000 and 2001 financial results, to eliminate $17 million in revenue and $7 million in net income previously reported for fourth quarter 2000, as a result of improper accounting for transactions with AOL Time Warner ("AOL"). According to the Company's press release, "[t]he transactions involved a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL." Also on January 17, 2003, the Associated Press reported that the Securities and Exchange Commission is investigating the transactions between VERITAS and AOL.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud. |
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