According to the Complaint, based on Defendants’ bullish statements concerning its ongoing business metrics and the strong forward earnings guidance, including projecting FY 2012 revenues “in the range of $870 million to $880 million, representing an annual growth rate of between 13% and 14%,” VeriSign’s stock traded at inflated prices throughout the Class Period, trading above $50 per share by October 4, 2012. Then, on October 25, 2012, after the close of trading, VeriSign shocked the market by disclosing that the DOJ was reviewing its domain name pricing arrangements and that it was now doubtful that review would be complete in time to allow the U.S. Commerce Department to renew its contract before it expired on November 30, 2012. VeriSign also disclosed that the Company’s 3Q ’12 sales had been negatively impacted by industry efforts to stymie unseemly business practices. As a result, Defendants lowered the Company’s FY 2012 revenue outlook by $5 million, now stating revenue would not exceed $875 million. On this news, shares in VeriSign fell over 15%, closing at $39.39 per share on October 26, 2012, from a close of $46.60 per share on October 25, 2012, on volume of over 23 million shares.If you wish to serve as lead plaintiff, you must move the Court no later than March 18, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.Attorney advertising. Prior results do not guarantee a similar outcome.