Class Action Filed On Behalf of Purchasers of Legato Common Stock.Business Editors/Legal Writers NEW YORK--(BUSINESS WIRE)--Feb. 8, 2000 The following is an announcement by the law firm of Harold B. Obstfeld, P.C.: 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 has been filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Northern District of California, on behalf of all persons or entities who purchased common stock of Legato (Legato Systems, Inc., Mountain View, CA, www.legato.com) A leading provider of storage management and high-availability software founded in 1988 and acquired by EMC Corporation in 2003. Legato software, including Celestra data management (data mining, data migration, etc. Systems, Inc. (&uot;Legato&uot;) (Nasdaq:LGTO LGTO Legato Systems (stock symbol) ) between October 20, 1999 and January 19, 2000 (the &uot;Class Period&uot;), and were damaged thereby. The Complaint alleges that defendants misled investors and violated the federal securities laws by making false and misleading statements regarding Legato's earnings and business prospects. By employing improper accounting techniques, defendants caused Legato's reported revenues and earnings to be artificially inflated. As a result, the price of Legato stock was artificially inflated during the Class Period, thereby injuring the members of the Class while allowing the individual defendants to sell over 180,000 Legato shares for proceeds of over $11,700,000. If you are a member of the class, you may, if you so choose, but not later than March 20, 2000, file a motion with the District Court to serve as lead plaintiff. If you have any questions, wish to discuss this matter, or would like to receive a copy of the complaint and the documents necessary to participate as a named or lead plaintiff, you may contact: Harold B. Obstfeld, Esq. of Harold B. Obstfeld, P.C., 260 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10016, (212) 696-1212 or (888) 896-0347 or via Internet electronic mail at hobsd@erols.com. |
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