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MacRomedia, Inc. Conclusion: According to the firm's 10-Q filing dated 8/14/2000, on September 25, 1997, a complaint entitled City Nominees v. Macromedia, Inc et al., (Case No. C-97-3521-SC) was filed in the United States District Court for the Northern District of California. The complaint alleges that Macromedia and five of its former or current officers and directors engaged in securities fraud in violation of Sections 10 and 20(a) of the Securities and Exchange Act of 1934 by seeking to inflate the value of Macromedia stock by issuing statements that were allegedly false or misleading (or omitted material facts necessary to make any statements made not false or misleading) regarding the Company's financial results and prospects. Plaintiffs seek to represent a class of all persons who purchased Macromedia common stock from April 18, 1996 through January 9, 1997. Three similar complaints by persons seeking to represent the same class of purchasers subsequently have been filed in United States District Court for the Northern District of California. All of these cases have been consolidated. Lead plaintiffs and lead counsel have been appointed under the provisions of the Private Securities Law Reform Act by the District Court. A consolidated complaint was filed in February 1998. Defendants moved to dismiss that complaint on the grounds that plaintiffs' claims were barred by the applicable statute of limitations. In May 1998, the United States District Court for the Northern District of California granted defendants' motion to dismiss with prejudice, and entered judgment in favor of defendants. Plaintiffs have appealed to the United States Court of Appeals for the Ninth Circuit, which reversed on April 21, 2000 and remanded the action to the District Court for further proceedings. On July 7, 2000, the District Court granted the plaintiff's motion to voluntarily dismiss the action without prejudice.
The complaint alleges that during the class period Macromedia issued false and misleading statements about the success of Macromedia's principal products, business prospects, financial results, domestic and international sales, and other aspects of its business. These statements allegedly inflated Macromedia's stock price, enabling the company to complete an acquisition in exchange for 600,000 of the company's stock. Individual defendants also allegedly sold stock during the class period. On January 9, 1997 it was disclosed that Macromedia's sales and prices had decreased and that its expenses had increased.
INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming
| COMPANY/ISSUER NAME: | MacRomedia, Inc. |
| COMPANY/ISSUER TICKER: | MACR |
| COMPANY WEBSITE: | http://www.macromedia.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| City Nominees, et al. v. MacRomedia, Inc., et al. | |||||||||||||||||
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| REFERENCE COMPLAINT | |||||||||||||||||
| City Nominees, Ltd. et al. v. MacRomedia, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 12/05/2001 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Case Name and/or Number: Rabinowitz, et al. v. Macromedia, Inc. et al. | |||
| Type: Complaint | Date on the document: 12/14/1999 | ||
| Complaint for Damages Based Upon Violation of Cal. Corp. Code §§25400 and 25500 | |||
| Case Name and/or Number: Rosen v. Macromedia, Inc. et al. | |||
| Type: Complaint | Date on the document: 12/14/1999 | ||
| Complaint for Violations of the Federal Securities Laws | |||
| Case Name and/or Number: Rabinowitz, et al. v. Macromedia, Inc. et al. | |||
| Type: Complaint | Date on the document: 12/14/1999 | ||
| Complaint for Violations of the Federal Securities Laws | |||
| Case Name and/or Number: Poliero v. Macromedia, Inc. et al. | |||
| Type: Complaint | Date on the document: 12/14/1999 | ||
| Docket | |||
| Case Name and/or Number: Rabinowitz, et al. v. Macromedia, Inc. et al. | |||
| Type: Docket | Date on the document: 12/14/1999 | ||
| Docket | |||
| Case Name and/or Number: Poliero v. Macromedia, Inc. et al. | |||
| Type: Docket | Date on the document: 12/14/1999 | ||
| Docket | |||
| Case Name and/or Number: Lacey v. Macromedia, Inc., et al | |||
| Type: Docket | Date on the document: 12/14/1999 | ||
| Litigants | |||
| Case Name and/or Number: Lacey v. Macromedia, Inc., et al | |||
| Type: Other | Date on the document: 12/14/1999 | ||
| Notice Of Settlement Of Class Action | |||
| Case Name and/or Number: Rosen, et al. v. MacRomedia, Inc., et al. | |||
| Type: Notice | Date on the document: 10/19/2001 | ||
| Proof of Claim and Release | |||
| Case Name and/or Number: Rosen, et al. v. MacRomedia, Inc., et al. | |||
| Type: Other | Date on the document: 10/19/2001 | ||
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