Class Action Suit Against Siebel Dismissed

Law360, New York (January 18, 2006, 12:00 AM EST) -- In a blow to shareholders of software company Siebel Systems, a judge has dismissed a class action lawsuit against the company, ruling that the plaintiff’s allegations did not indicate the company intended to defraud investors.

U.S. District Court Judge Charles Breyer dismissed the case with extreme prejudice in a decision that “rejected the plaintiff's arguments in their entirety,” according to the company.

The dismissal of the suit did not come as a surprise to many experts.

Class action dismissal rates have increased since the Private Securities...
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