LITTLE ROCK, Ark., Feb. 28, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Veritas Software Corporation ("Veritas" or the "Company") (Nasdaq:VRTS) common stock during the period between January 24, 2001 and January 16, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Firm by calling toll-free.
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. The Complaint names VERITAS, Gary L. Bloom, Kenneth E. Lonchar, and Paula A. Sallaberry as defendants.
If you purchased Veritas common stock between January 24, 2001 and January 16, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2003. If you are a member of this class, you can join this class action by contacting Emerson Poynter. Any member of the purported class may move the Court to serve as lead plaintiff through Emerson Poynter or other counsel of their choice.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The Firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.