Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons or entities that purchased the common stock of VeriSign, Inc. (“VeriSign” or the “Company”) (NASDAQ GS: VRSN) between June 25, 2012 and October 25, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of VeriSign during the Class Period, or purchased shares prior to the Class Period and still hold VeriSign, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/verisign-inc-vrsn.
VeriSign is a provider of Internet infrastructure services. By leveraging their global infrastructure, they provide network confidence and availability for mission-critical Internet services, such as domain name registry services and infrastructure assurance services. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that: (a) challenges to the Company’s registry pricing scheme that Defendants knew about but concealed from the market made it more likely than not that the U.S. Department of Justice (“DOJ”) and Department of Commerce would demand price concessions in exchange for leaving VeriSign in charge of operating the .com and .net networks; (b) VeriSign’s growth in domain name registrations was in decline; (c) VeriSign was relying heavily on revenues from “parking” websites and other dubious websites focused on drawing in and monetizing traffic, rather than in providing cogent business leads; (d) Defendants knew that Google and other Internet search engines had been tweaking their algorithms to improve the quality of their search results by ranking lower subpar quality websites, such as those which are not updated often or provided little or no content; (e) subpar domain name owners had stopped renewing their agreements with VeriSign as a result of the Internet search engine’s efforts to discourage them by demonetizing their practices; and (f) as a result, Defendants knew VeriSign’s FY 2012 earnings guidance was not attainable. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
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