Case Page

 

Case Status:    SETTLED
On or around 07/31/2002 (Date of order of final judgment)

Filing Date: January 20, 2000

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.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LGTO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 00-CV-20111
JUDGE: Hon. Jeremy Fogel
DATE FILED: 01/20/2000
CLASS PERIOD START: 10/21/1999
CLASS PERIOD END: 01/19/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  4. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  5. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 00-CV-20111
JUDGE: Hon. Jeremy Fogel
DATE FILED: 02/12/2001
CLASS PERIOD START: 04/22/1999
CLASS PERIOD END: 05/17/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
No Document Title Filing Date
No Document Title Filing Date