Judge Rules Veritas Software Class Action Can Proceed

Law360, New York (May 23, 2006, 12:00 AM EDT) -- Despite requests from software maker Veritas Software Corp. for dismissal, a federal judge on Tuesday stated that a shareholder class action lawsuit over the company’s 2003 and 2004 financial results could go ahead.

U.S. District Judge Sue Robinson said that shareholders had raised enough questions about the company’s financial statements for the case to go to trial.

The lawsuit was filed in 2004 and alleged that Veritas, Vice President Edwin G. Gillis and CEO Gary L. Bloom violated the Securities Exchange Act of 1934 by issuing...
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