NEW YORK, Feb. 4, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired VERITAS Software Corporation ("VERITAS" or the "Company") securities (Nasdaq:VRTS) during the period from January 24, 2001 through January 16, 2003, both dates inclusive (the "Class Period"). The Complaint names VERITAS, Gary L. Bloom, Kenneth E. Lonchar, and Paula A. Sallaberry as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. In particular, it is alleged that the Company improperly accounted for transactions with AOL Time Warner whereby the Company's revenue and income was materially overstated during the Class Period. The transactions in question involve a $50 million software purchase by AOL Time Warner and a $20 million advertising purchase from AOL Time Warner. On January 17, 2003, the Company announced the restatement of its 2000, 2001, and 2002 financial results as a result of the improper accounting. The Complaint alleges that as a result of these false and misleading statements the price of VERITAS securities were artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank 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 otherwise acquired VERITAS securities during the Class Period described above, you may, no later than March 24, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.