Case Information: Veritas Software Corporation

Izard Nobel LLP is Court-appointed Co-Lead Counsel for Lead Plaintiffs in In re Veritas Software Corp. Securities Litigation, Civ. No. 04-831-SLR (D. Del.).  The Complaint asserts claims under the Securities Exchange Act of 1934 against Veritas Software Corporation, Edwin J. Gillis, Gary L. Bloom, and John Brigden. Lead Plaintiffs allege that Veritas, a major provider of data and storage management software, issued false and misleading earnings guidance for the second quarter of 2004, and improperly recognized revenue in 2003 and the first quarter of 2004 on certain large sales contracts.

On May 23, 2006, Judge Sue L. Robinson issued a memorandum opinion and order in denying Defendants’ motion to dismiss in its entirety. The class generally includes all persons who purchased or acquired Veritas's publicly traded securities, including persons who sold put options or bought call options, between April 23, 2003 and July 6, 2004.

On July 31, 2008, the Court held a hearing on final approval of the Settlement in this action. On August 6, 2008, the Court entered an Order granting final approval of the settlement, pursuant to which the class of investors will share $21.5 million. Distribution of the settlement fund has been delayed pending the resolution of an appeal by two putative class members of the Court's award of attorney's fees, which is currently pending in the United States Court of Appeals for the Third Circuit.