STEVENSON, Md., Jan. 17, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of purchasers of VeriSign, Inc. ("VeriSign" or the "Company") (Nasdaq:VRSN) common stock during the period between June 25, 2012 and October 25, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in VeriSign, Inc. common stock purchased on or after June 25, 2012, and held through October 25, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 18, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that challenges to the Company's registry pricing scheme made it more likely than not that the U.S. Department of Commerce and the U.S. Department of Justice would demand price concessions from VeriSign in exchange for leaving the Company in charge of operating the .com and .net networks; that the Company's growth in domain name registrations was in decline; that the Company was relying heavily on revenues from "parking" websites and other dubious websites, instead of providing cogent business leads; that owners of subpar domain names had stopped renewing their agreements with VeriSign as a result of the Internet search engines' modified algorithms assigning lower rankings to subpar-quality websites; and that the Company's fiscal year 2012 earnings guidance was unattainable. According to the Complaint, following VeriSign's October 25, 2012 press release that disclosed that the Company's third-quarter 2012 financial results had been adversely impacted by the search engines' efforts to stymie unseemly business practices, that the Department of Justice was reviewing the Company's domain name pricing arrangements, and that it was doubtful that the review would be completed soon enough to allow the Department of Commerce to renew its contract before it expired, and that the Company was lowering its fiscal year 2012 revenue outlook, the value of VeriSign shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616