BALA CYNWYD, Pa., Jan. 28, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of VERITAS Software Corporation ("VERITAS") (Nasdaq:VRTS) publicly traded securities during the period between January 24, 2001 and January 16, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges VERITAS Software Corporation and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that: (i) the Company lacked sufficient internal controls and therefore was unable to understand its true financial standing; (ii) the Company had improperly accounted its transaction with AOL Time Warner; (iii) the Company's improper treatment of its transactions and revenue recognition policies resulted in material overstatement of revenue and income at all relevant times. The scheme deceived the investing public regarding Veritas's business, operations and management and inflated the intrinsic value of the Company's shares. On January 17, 2003, the Company announced the restatement of its 2000, 2001 and 2002 financial statements as a result of its improper accounting for transactions with AOL Time Warner. The release stated in part: "(t)he transactions involved in a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL."
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than March 24, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca