Legato Systems, Inc. - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

Legato Systems, Inc. Conclusion: According to Legato's SEC Form 10-Q filing for the quarterly period ended June 30, 2003, in April 2002, the company settled class action and derivative lawsuits in United States District Court for the Northern District of California and in San Mateo County Superior Court, respectively. The settlements in the federal and state litigation called for Legato to pay a total of $87.7 million, which included attorneys’ fees, in May 2002.

The Complaint charges that Legato and certain of its officers and directors, violated the federal securities laws. The Complaint alleges that during the Class Period defendants made materially false and misleading statements regarding, among other things, the financial condition of Legato. The Complaint alleges that in order to inflate the price of Legato's stock, defendants caused the Company to falsely report its financial results for the third quarter of 1999 by improperly recognizing revenue. On January 20, 2000 defendants, revealed that the Company's earnings would fall short of meeting expected earnings for the fourth quarter of 1999 and that it was restating its third quarter results. The complaint also alleges that during the Class Period, while in possession of material undisclosed information defendants sold millions of dollars worth of Legato stock. After defendants' disclosure the price of Legato stock plummeted 63% to $29 per share in after hours trading. During the Class Period defendants made no corrective statements.

INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming

COMPANY/ISSUER NAME:	Legato Systems, Inc.
COMPANY/ISSUER TICKER:	LGTO
COMPANY WEBSITE:	http://www.Legato.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Jeff Bowman, et al. v. Legato Systems, Inc., et al.

COURT: N.D. California	DOCKET NUMBER: 00-CV-20111
JUDGE NAME: Hon. Jeremy Fogel
DATE FILED: 01/20/2000	SOURCE: Complaint
CLASS PERIOD START: 10/21/1999	CLASS PERIOD END: 01/19/2000
TYPE OF COMPLAINT: First Consolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Berger & Montague PC 1622 Locust Street, Philadelphia, PA, 19103 (voice) 800.424.6690, (fax) 215.875.4604, investorprotect@bm.net Bernstein Litowitz Berger & Grossmann LLP (San Diego, CA) 12544 High Bluff Drive, Suite 150, San Diego, CA, 92130 (voice) 858.793.0070, (fax) 858.793.0323, blbg@blbglaw.com Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA) 600 West Broadway, 1800 One America Plaza, San Diego, CA, 92101 (voice) 800.449.4900, (fax) , support@milberg.com Rabin & Peckel LLP 275 Madison Avenue, 34th Floor, New York, NY, 10016 (voice) 212.682.1818, (fax) 212.682.1892, email@rabinlaw.com Shepherd & Geller LLC 117 Gayley Street, Suite 200, Media, PA, 19063 (voice) , (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 5

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Securities Class Action Complaint
Type: Complaint		Date on the document: 01/20/2000
Amended Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 03/03/2000
Declaration OF James Jay Seirmarco
Type: Declaration		Date on the document: 03/20/2000
Notice of Motion and Motion to Consolidate and Appoint Lead Plaintiff and Lead Counsel
Type: Motion		Date on the document: 03/20/2000
Notice Of Motion And Motion And Memorandum Of Points And Authorities To Appoint The Legato Systems Lead Plaintiff Group As Lead Plaintiff Pursuant To
Type: Notice		Date on the document: 03/21/2000
Docket
Type: Docket		Date on the document: 03/23/2000
Declaration Of Kimberly C. Epstein In Support Of The Legato Systems Lead Plaintiff Group's Opposition To Detroit's Motion For Appointment As Lead Plaintiff And
Type: Declaration		Date on the document: 04/10/2000
Declaration Of Michael Willoughby In Support Of The Legato Systems Lead Plaintiff Group's Opposition To Detroit's Motion For Appointment As Lead Plaintiff And
Type: Declaration		Date on the document: 04/10/2000
Declaration Of William S. Lerach In Support Of The Legato Systems Lead Plaintiff Group's Opposition To Detroit's Motion For Appointment As Lead Plaintiff And
Type: Declaration		Date on the document: 04/10/2000
The Legato Systems Lead Plaintiff Group's Opposition To Detroit's Motion For Appointment As Lead Plaintiff And For Approval Of Its Selection Of Counsel
Type: Summary Judgment		Date on the document: 04/10/2000
Declaration Of Kimberly C. Epstein In Support Of The Legato Systems Lead Plaintiff Group's Reply In Support Of Its Motion
Type: Declaration		Date on the document: 04/17/2000
The Legato Systems Lead Plaintiff Group's Reply Memorandum In Support Of Its Motion To Be Appointed Lead Plaintiff Pursuant To
Type: Complaint		Date on the document: 04/17/2000
Reply Of The Legato Lead Plaintiff Group In Response To The Reply In Further Support Of The Motion Of The Policemen And Firemen Retirement System
Type: Other		Date on the document: 04/27/2000
Declaration of Paul F. Bennett
Type: Declaration		Date on the document: 05/01/2000
Notice of Motion
Type: Notice		Date on the document: 05/01/2000
[Proposed] Order
Type: Order		Date on the document: 05/01/2000
The Legato Group's Miscellaneous Ex Parte Request To Stay Order Appointing Lead Plaintiff
Type: Other		Date on the document: 06/01/2000

REFERENCE COMPLAINT

In re Legato Systems, Inc. Securities Litigation

COURT: N.D. California	DOCKET NUMBER: 00-CV-20111
JUDGE NAME: Hon. Jeremy Fogel
DATE FILED: 02/12/2001	SOURCE: Business Wires
CLASS PERIOD START: 04/22/1999	CLASS PERIOD END: 05/17/2000
TYPE OF COMPLAINT: Second Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossmann LLP (New York, NY) 1285 Avenue of the Americas, 33rd Floor, New York, NY, 10019 (voice) 212.554.1400, (fax) 212.554.1444, blbg@blbglaw.com Bernstein Litowitz Berger & Grossmann LLP (San Diego, CA) 12544 High Bluff Drive, Suite 150, San Diego, CA, 92130 (voice) 858.793.0070, (fax) 858.793.0323, blbg@blbglaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amended Class Action Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 08/07/2000
Second Amended and Consolidated Class Action Complaint for Violation of the Federal Securities Laws
Type: Complaint		Date on the document: 02/12/2001
Appendix of Cases
Type: Other		Date on the document: 06/11/2001
Certificate of Service by Overnight Messenger
Type: Motion		Date on the document: 06/11/2001
Declaration of Rebecca A. Mitchells in support of Defendant
Type: Notice		Date on the document: 06/11/2001
Defendants' Request for Judicial Notice (1st Am Complt)
Type: Notice		Date on the document: 06/11/2001
Nominal Defendant Legato Systems, Inc.’s Notice of Motion to Dismiss
Type: Notice		Date on the document: 06/11/2001
Outside Directors' Motion To Dismiss Amended Derivative Complaint
Type: Motion		Date on the document: 06/11/2001
[Proposed] Order Granting Nominal Defendant Legato Systems, Inc.’s Motion to Dismiss
Type: Order		Date on the document: 06/11/2001
[Proposed] Order Granting the Outside Director Defendants’ Motion to Dismiss
Type: Order		Date on the document: 06/11/2001
Notice Of Pendency And Proposed Settlement Of Class Action
Type: Notice		Date on the document: 05/24/2002
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/03/2004
US District Court Civil Docket
Type: Docket		Date on the document: 09/03/2004

OTHER DOCUMENTS
Securities Class Action Complaint
Case Name and/or Number: Limond v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/20/2000
Securities Class Action Complaint
Case Name and/or Number: Blanchard, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/20/2000
Securities Class Action Complaint
Case Name and/or Number: Taylor v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/20/2000
Securities Class Action Complaint
Case Name and/or Number: Schenkel, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/20/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Cotton, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/21/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Britt v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/21/2000
Securities Class Action Complaint
Case Name and/or Number: Grunther v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/21/2000
Securities Class Action Complaint
Case Name and/or Number: Bowe SEP-IRA v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/21/2000
Securities Class Action Complaint
Case Name and/or Number: Van Velden v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/21/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Decker, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/24/2000
Complaint For Violation Of The Securities Exchange Act Of 1934
Case Name and/or Number: Cheles v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/24/2000
Securities Class Action Complaint
Case Name and/or Number: Tarshis v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/24/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Sarver, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/25/2000
Securities Class Action Complaint
Case Name and/or Number: Rubin v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/25/2000
Securities Class Action Complaint
Case Name and/or Number: Schwartz v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/25/2000
Securities Class Action Complaint
Case Name and/or Number: Silverman v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/26/2000
Securities Class Action Complaint
Case Name and/or Number: Barrera v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/26/2000
Securities Class Action Complaint
Case Name and/or Number: Latham v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/26/2000
Securities Class Action Complaint
Case Name and/or Number: Prendergast v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/27/2000
Securities Class Action Complaint
Case Name and/or Number: Auer, et al. v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/27/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Brenner v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/28/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Quong v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 01/31/2000
Securities Class Action Complaint
Case Name and/or Number: Sovereign Bancorp v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 02/01/2000
Docket
Case Name and/or Number: Cohen v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/02/2000
Docket
Case Name and/or Number: Minzer v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/02/2000
Docket
Case Name and/or Number: McCormick v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/02/2000
Docket
Case Name and/or Number: Schwartz v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/09/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Herzfeld v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 02/15/2000
Docket
Case Name and/or Number: Bowe SEP-IRA v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/15/2000
Docket
Case Name and/or Number: Rubin v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/15/2000
Docket
Case Name and/or Number: Quong v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/15/2000
Securities Class Action Complaint
Case Name and/or Number: Bleier v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 02/18/2000
Docket
Case Name and/or Number: Grunther v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 02/24/2000
Docket
Case Name and/or Number: Herzfeld v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/07/2000
Docket
Case Name and/or Number: Barrera v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/08/2000
Docket
Case Name and/or Number: Bleier v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/08/2000
Class Action Complaint For Violation Of The Federal Securities Laws
Case Name and/or Number: Kamat v. Legato Systems, Inc., et al.
Type: Complaint		Date on the document: 03/09/2000
Docket
Case Name and/or Number: Limond v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/09/2000
Docket
Case Name and/or Number: Brenner v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/10/2000
Docket
Case Name and/or Number: Kamat v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/10/2000
Docket
Case Name and/or Number: Britt v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/13/2000
Docket
Case Name and/or Number: Cotton, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/13/2000
Docket
Case Name and/or Number: Decker, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/13/2000
Docket
Case Name and/or Number: Sarver, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/13/2000
Docket
Case Name and/or Number: Cheles v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/15/2000
Docket
Case Name and/or Number: Van Velden v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/17/2000
Docket
Case Name and/or Number: Silverman v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/17/2000
Docket
Case Name and/or Number: Prendergast v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/17/2000
Docket
Case Name and/or Number: Tuchman v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/20/2000
Docket
Case Name and/or Number: Sovereign Bancorp v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/20/2000
Memorandum Of Points And Authorities In Support Of The Legato Plaintiffs Group's Motion To Be Appointed As Lead Plaintiff Pursuant To
Case Name and/or Number: Schenkel, et al. v. Legato Systems, Inc., et al.
Type: Other		Date on the document: 03/20/2000
Notice Of Motion And Motion To Appoint The Legato Plaintiffs Group's Lead Plaintiffs Pursuant To § 21d(A)(3)(B) Of The Securities Exchange Act Of 1934 And To
Case Name and/or Number: Schenkel, et al. v. Legato Systems, Inc., et al.
Type: Notice		Date on the document: 03/20/2000
Docket
Case Name and/or Number: Schenkel, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/21/2000
Docket
Case Name and/or Number: Tarshis v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/21/2000
Docket
Case Name and/or Number: Latham v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/21/2000
Docket
Case Name and/or Number: Auer, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/21/2000
Docket
Case Name and/or Number: Blanchard, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/26/2000
Docket
Case Name and/or Number: Taylor v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 03/26/2000
U.S. District Court Civil Docket
Case Name and/or Number: Limond, et al. v. Legato Systems, Inc., et al.
Type: Docket		Date on the document: 07/31/2002

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