Class Action Filed Against Siebel Systems, Inc. by Stull, Stull & Brody On Behalf of Shareholders Who Purchased Securities between October 1, 2001 and July 17, 2002.Business Editors/Legal Writers LOS ANGELES--(BUSINESS WIRE)--March 23, 2004 A class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed in the U.S. District Court for the Northern District of California on behalf of purchasers (the "Class") of Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , Inc. ("Siebel Systems" or the "Company") between October 1, 2001 and July 17, 2002, inclusive (the "Class Period"). Siebel Systems is traded on the Nasdaq Stock Exchange under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SEBL SEBL Siebel Systems, Inc. (stock abbreviation, AMEX) . Defendants include Siebel Systems, Thomas M. Siebel, Kenneth M. Goldman, and R. David Schmaier. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The complaint alleges that during the Class Period, the Company overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o customer acceptance of its new product offerings -- including Siebel 7 CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. -- and failed to disclose that "independent" customer satisfaction surveys which persuaded investors that a vast majority of the Company's customers would purchase products from the Company in the future were in fact carried out by an affiliated company and could not be relied upon. On July 17, 2002, Siebel announced its second quarter June 30, 2002 earnings reporting a dramatic drop in revenues of more than 15% and a 33% shortfall in earnings compared to consensus analyst forecasts. The Company also confirmed the continuing slide in demand for Siebel Systems' products by slashing slash·ing adj. 1. Bitingly critical or satiric: slashing wit. 2. Dashing; pelting: a slashing hailstorm. 3. revenue forecasts for the remainder of 2002 by an additional 25%. In unusually heavy volume of 65 million shares traded, Siebel Systems share prices dropped $2.13 on July 18 to close at $9.61. Plaintiff seeks to recover damages on behalf of the Class and is represented by the law firm of Stull stull n. 1. A supporting timber or other prop in a mine. 2. A platform braced against the sides of a working area in a mine. , Stull & Brody which has significant experience and expertise in prosecuting class actions on behalf of investors. If you are a member of the Class described above, you may, no later than May 10, 2004 move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice, or your rights with respect to this action, please visit our website at www.secfraud.com or contact the following: Michael D. Braun, Esq. Marc L. Godino, Esq. Stull, Stull & Brody Telephone: 310-209-2468 Toll-free: 888-388-4605 Email: info@secfraud.com Web-site: www.secfraud.com |
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