LOS ANGELES, March 20, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP, representing shareholders who purchased securities of VERITAS Software Corporation ("VERITAS" or the "Company") (Nasdaq:VRTS) between January 19, 2001, and January 16, 2003, inclusive (the "Class Period"), will amend the Class Period to begin April 19, 2000, in light of recent news.
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at 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. On March 17, 2003, VERITAS announced a further restatement of its fiscal 2000 and 2001 results, reflecting a reduction in revenue and expenses of $20 million related to the AOL transactions and two additional contemporaneous transactions involving software licenses and the purchase of on-line advertising services.
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.
If you are a member of the Class described above, you 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 discuss this action or have any questions concerning this Notice or 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 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.