Register your Case

January 1 2003

Company: VERITAS Software Corp.
Ticker Symbol: NASD: VRTS
Class Period: January 24, 2001 and January 16, 2003
Court: Northern District, NY
Date Filed: Jan-28-03
The complaint alleges that:
(i) the Company lacked sufficient internal controls and therefore was unable to understand its true financial standing;
(ii) the Company had improperly accounted its transaction with AOL Time Warner;
(iii) the Company's improper treatment of its transactions and revenue recognition policies resulted in material overstatement of revenue and income at all relevant times.

The scheme deceived the investing public regarding VERITAS' business, operations and management and inflated the intrinsic value of the Company's shares. On January 17, 2003, the Company announced the restatement of its 2000, 2001 and 2002 financial statements as a result of its improper accounting for transactions with AOL Time Warner. The release stated in part: "(t)he transactions involved a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL."

If you feel you qualify for damages or remedies that might be awarded in this class action please fill in the form to the right to submit your complaint.

If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.

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