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SafeNet, Inc. Summary: On September 30, 2008, and October 1, 2008, the various defendants filed Motions to Dismiss Plaintiffs' Consolidated Amended Class Action Complaint.
On August 01, 2008, Consolidated Amended Class Action Complaint was filed by the plaintiffs.
On February 21, 2007 the judge entered an order consolidating all related cases and appointing lead plaintiff while approving selection of lead counsel.
According to a press release dated August 16, 2006, a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of plaintiff Michael J. Golde and all similarly situated purchasers or acquirers of SafeNet, Inc. (“SafeNet” or the “Company”) (NASDAQ: SFNT) common stock during the period between March 31, 2003 to May 18, 2006 (the “Class Period”). The case is captioned Michael J. Golde v. SafeNet, Inc., et al., Case No., 06-CV-6194, and is filed as a related case to a previously filed action, captioned Police & Fire Retirement System of the City of Detroit v. SafeNet, Inc., et al., Case No., 06-CV-5797, which was filed on August 1, 2006, and was assigned to the Honorable Paul A. Crotty. In addition to the claims asserted in the prior action, this action also asserts claims on behalf of the former shareholders of Rainbow Technologies, Inc. (“Rainbow”) who approved the March 2004 merger of Rainbow with SafeNet and who exchanged their shares of Rainbow for shares of SafeNet as a result of the acquisition.
According to a press release dated August 1, 2006, the Complaint alleges that all Defendants violated Section 14(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 14a-9 promulgated thereunder; that Defendants SafeNet and certain Individual Defendants violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder; that all of the Individual Defendants violated Section 20(a) of the Exchange Act.
Specifically, the Complaint alleges that during the Class Period, SafeNet and the individual defendants violated the federal securities laws by issuing false and misleading proxy statements and periodic SEC filings. The Complaint alleges that, throughout the Class Period, Defendants manipulated SafeNet's granting of stock options to provide themselves with unlawful benefits and, during the second and third quarters of 2005, Defendants also engaged in improper accounting of revenues and costs relating to certain long-term delivery contracts. In three separate recent disclosures, SafeNet has announced: (1) the need to restate financial results for the second and third quarters of 2005 arising from improper booking of costs and revenues related to its long term contracts; (2) the termination of its CFO; and (3) pending investigations by the SEC and the Office of the United States Attorney for the Southern District of New York. The price of SafeNet stock declined in response to each disclosure. On July 26, 2006, SafeNet confirmed that it would be restating its financial results for the fourth quarter of 2002, that its financial statements for the year ended 2002 should no longer be relied upon, and that it may restate other periods as well.
INDUSTRY CLASSIFICATION:
SIC Code: 3663
Sector: Technology
Industry: Software & Programming
| COMPANY/ISSUER NAME: | SafeNet, Inc. |
| COMPANY/ISSUER TICKER: | SFNT |
| COMPANY WEBSITE: | http://www.safenet-inc.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Police & Fire Retirement System of the City of Detroit, et al. v. SafeNet, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of the Federal Securities Laws Seeking Money Damages and Equitable Relief - Demand for Trial by Jury | |||
| Type: Complaint | Date on the document: 08/01/2006 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/30/2006 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Police And Fire Retirement System Of The City Of Detroit, et al. v. SafeNet, Inc., et al. | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Class Action Complaint For Violations Of The Federal Securities Laws Seeking Money Damages And Equitable Relief – Demand For Trial By Jury | |||
| Case Name and/or Number: Michael J. Golde, et al. v. SafeNet, Inc., et al. | |||
| Type: Complaint | Date on the document: 08/15/2006 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Berger, et al. v. Caputo, et al. | |||
| Type: Docket | Date on the document: 08/18/2006 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Golde, et al. v. SafeNet, Inc., et al. | |||
| Type: Docket | Date on the document: 10/10/2006 | ||
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