Scott + Scott, LLC Advises TIBCO Shareholders That Court Filing Is Due Monday
Securities Action Was Previously Filed By Firm On Behalf Of Client Shareholders; Stock Drops Over Forty Percent Upon Company Announcements
COLCHESTER, Conn., July 21/ — Scott + Scott, LLC today announced that leadership motions are due Monday in a class action that has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of TIBCO Software, Inc. (“TIBCO” or the “Company”) (Nasdaq: TIBX – News) from September 21, 2004 through March 1, 2005, inclusive (the “Class Period”). TIBCO engages in the development and marketing of software solutions for the integration of business information, processes, and applications in various industries outside the financial services market.
Any class member who desires to register as a client shareholder of Scott + Scott for this matter should contact the firm by Friday July 23, 2005.. If you wish to discuss this action or have any questions concerning this notice, your rights, or your interests, please contact Scott + Scott attorneys Neil Rothstein at 800/332-2259 (cell 619/251-0887; e-mail nrothstein@scott-scott.com) or attorney Amy K. Saba at 800/332-2259 (e-mail asaba@scott-scott.com). Any investor may contact Scott + Scott to learn more about this action, other actions, utilize various shareholder services at no cost or to state an opinion or make a comment..
The complaint charges TIBCO and certain of its officers and directors with violations of the Federal securities laws.. Specifically, the complaint alleges that TIBCO failed to disclose and misrepresented to investors that: the Staffware PLCintegration was not yet complete. It is further alleged that as a result of this failed integration TIBCO was suffering material disruptions in its operations, a paralysis by its European management, and an unabliltity to close any licensing deals that generated revenue of more than $5 million. Finally, the complaint alleges that TIBCO did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company’s public statements and representations to investors.
As news of TIBCO’s troubles emerged, TIBCO stock dropped in value by over forty percent from February 18, 2005 to March 2, 2005. On March 2, over 52 million shares were traded. The stock currently trades at about $7.30 per share.
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, has a national practice and reputation. Scott + Scott has dedicated itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, major corporations, foundations, individuals and other entities worldwide. Cases recently filed or being filed include those against Guidant, Cray, Possis Medical, Eastman Kodak, Newmont Mining, Dreamworks Animation, Navarre and others. Scott + Scott, LLC Advises TIBCO Shareholders That Court Filing Is Due Monday
Securities Action Was Previously Filed By Firm On Behalf Of Client Shareholders; Stock Drops Over Forty Percent Upon Company Announcements
COLCHESTER, Conn., July 21/ — Scott + Scott, LLC today announced that leadership motions are due Monday in a class action that has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the common stock of TIBCO Software, Inc. (“TIBCO” or the “Company”) (Nasdaq: TIBX – News) from September 21, 2004 through March 1, 2005, inclusive (the “Class Period”). TIBCO engages in the development and marketing of software solutions for the integration of business information, processes, and applications in various industries outside the financial services market.
Any class member who desires to register as a client shareholder of Scott + Scott for this matter should contact the firm by Friday July 23, 2005.. If you wish to discuss this action or have any questions concerning this notice, your rights, or your interests, please contact Scott + Scott attorneys Neil Rothstein at 800/332-2259 (cell 619/251-0887; e-mail nrothstein@scott-scott.com) or attorney Amy K. Saba at 800/332-2259 (e-mail asaba@scott-scott.com). Any investor may contact Scott + Scott to learn more about this action, other actions, utilize various shareholder services at no cost or to state an opinion or make a comment..
The complaint charges TIBCO and certain of its officers and directors with violations of the Federal securities laws.. Specifically, the complaint alleges that TIBCO failed to disclose and misrepresented to investors that: the Staffware PLCintegration was not yet complete. It is further alleged that as a result of this failed integration TIBCO was suffering material disruptions in its operations, a paralysis by its European management, and an unabliltity to close any licensing deals that generated revenue of more than $5 million. Finally, the complaint alleges that TIBCO did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company’s public statements and representations to investors.
As news of TIBCO’s troubles emerged, TIBCO stock dropped in value by over forty percent from February 18, 2005 to March 2, 2005. On March 2, over 52 million shares were traded. The stock currently trades at about $7.30 per share.
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, has a national practice and reputation. Scott + Scott has dedicated itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, major corporations, foundations, individuals and other entities worldwide. Cases recently filed or being filed include those against Guidant, Cray, Possis Medical, Eastman Kodak, Newmont Mining, Dreamworks Animation, Navarre and others.
