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Judge Tosses Siebel Reg FD Suit

The suit had alleged illegal comments by the CFO.
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A federal judge has dismissed a highly publicized law suit alleging that

Siebel Systems


violated Regulation FD, which mandates equal disclosure of material information to investors.

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A spokesman said the company is likely to comment on Thursday's ruling later in the day.

Brought by the

Securities and Exchange Commission

, the suit claimed that Siebel CFO Ken Goldman met privately with investors on two occasions in 2003. The SEC said Goldman told those in attendance that Siebel's business activity was "good" or "better," and that there were "$5 million deals" in the company's pipeline.

The company defended its actions, saying that Goldman's remarks were, in essence, no different than information released publicly by former CEO Tom Siebel a few weeks earlier.