SyQuest Technology, Inc. Conclusion: According to the docket, on February 2, 1999, the Court entered the Minutes on the Counsel’s Stipulation of Voluntary Dismissal without Prejudice. That same day, U.S. District Judge Vaughn R. Walker dismissed the action with prejudice.
The complaint charges SyQuest and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by making misrepresentations about SyQuest's business, operations, new products, earnings growth and financial statements and SyQuest's ability to continue to achieve profitable growth. The complaint alleges that by issuing these false and misleading statements, defendants artificially inflated SyQuest's stock price to a Class Period high of $19-5/8 in July-August 1995, allowing SyQuest's top insiders to sell 325,398 shares of their SyQuest stock at as high as $19 per share, for almost $4.9 million, before the true facts about SyQuest's troubled operations, diminished profitability, false financial statements and products failures were revealed and SyQuest's stock collapsed to as low as $4-7/8 per share.
SIC Code: 3572
Industry: Computer Storage Devices
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